AsiaFIN Holdings Corp. has revealed that it has secured the previously announced acquisition of StarFIN Holdings Limited (StarFIN) and its wholly owned subsidiaries namely StarFIN Asia Sdn Bhd (SFA), Insite MY Systems Sdn Bhd (IMS), Insite MY Innovations Sdn Bhd (IMI), OrangeFIN Asia Sdn Bhd (OrangeFIN) and OrangeFIN Academy Sdn Bhd (“OrangeFIN Academy”).
Robin Hoo, CEO of StarFIN, commented that together with AsiaFIN, the firm is anticipating to achieve more innovation and growth in their services and areas of expertise, thus ultimately creating more value for our customers, partners, and stakeholders.
With the completion of this acquisition, AsiaFIN shall have around 100 staff in Malaysia servicing the customers and partners in the Asia region. StarFIN recorded revenues of US$3,161,892 and US$2,854,319 for financial year ending 2021 and 2022 respectively. The issuance and transfer of 8,232,038 ASFH new common stocks to the shareholders of StarFIN was completed on during late February.
Meanwhile, AsiaFIN CEO's KC Wong said, “We will continue to grow in the Asia market as the Financial Ecosystem Enabler with new initiative like SaaS Regtech, XBRL compliance, ESG reporting, AI based RPA and Check21 compliant cheque truncation clearing system. Growth in these areas can be achieved, both organically or via acquisition, with like-minded partners and customers.”