Astra Tech, a leading consumer technology holding group based in the United Arab Emirates, announced the signing of a share purchase agreement to acquire a 90-percent stake in Y Finance, a licensed financing company operating in the Philippines.
“We are excited to embark on this significant milestone in Astra Tech’s growth journey. The acquisition of Y Finance aligns perfectly with our vision to bring innovative financial services to a broader audience and cater to Filipino expats in the UAE and the Philippines. We believe that by combining our expertise with the extensive market knowledge of Y Finance, we can create even greater value for our customers and simplify their everyday lives,” said Astra Tech founder and Botim chief executive Abdallah Abu Sheikh.
The agreement is significant milestone in Astra Tech’s foray into international markets in the financial services sector, as it sets the stage for a collaboration that aims to reshape the future of finance.
Under the SPA, Astra Tech partners not only with Y Finance Philippines, but also with angel investor Y Investment Philippines Inc., who will be a minor shareholder in Y Finance.
“As an angel investor and strategic partner, Y Investment is proud to be a part of this groundbreaking collaboration. We firmly believe in the potential of Astra Tech and Y Finance to drive innovation and reshape the financial landscape. Through this partnership, we aim to support the growth of Y Finance and bring transformative financial solutions to the market,” said Y Finance Philippines founder Roger Yang.
Licensed by the Securities and Exchange Commission, Y Finance emerged as a trusted player in the Philippine online lending sector. It operates LoanChamp, a successful online lending platform and has garnered a reputation for providing efficient and accessible financial solutions to customers in the Philippines.
Astra Tech aims to leverage its technology, resources, and funding to propel its financial services to new heights.
The tech firm noted that Filipinos are one of the largest expat communities in the UAE, accounting for about 6.1 percent of the country’s total population.
Through Y Finance and Y Investments, Astra Tech intends to introduce more innovative financial services that cater to the needs of the Filipino community, both in the Philippines and the UAE.