Astra Tech (Astra), MENA’s leading consumer technology holding group based in the United Arab Emirates (UAE), has announced the signing of a share purchase agreement (SPA) to acquire a 90% stake in Y Finance, a licensed financing company operating in the Philippines.
The signing ceremony signifies a significant milestone in Astra Tech’s expansion into international markets within the financial services sector, setting the stage for a revolutionary collaboration that aims to reshape the future of finance. In this venture, Astra Tech will be partnering not only with Y Finance’s founder, Roger Yang but also with angel investor Y Investments Philippines Inc, who will be a minor shareholder in Y Finance.
Licensed by the Philippines Securities and Exchange Commission (SEC), Y Finance has emerged as a trusted player in the Philippine online lending sector. The company operates LoanChamp, a successful online lending platform (OLP), and has garnered a reputation for providing efficient and accessible financial solutions to customers in the Philippines.
With acquiring a majority stake in Y Finance, Astra Tech aims to leverage its technology, resources, and funding to propel its financial services to new heights. Filipinos have a significant presence in the UAE accounting for approximately 6.1% of the UAE’s total population and are one of the largest expat communities in the country. Through this venture with Y Finance’s founder, Roger Yang, and angel investor Y Investments Philippines Inc, 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.
Abdallah Abu Sheikh, Founder of Astra Tech and CEO of Botim, said:
“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.”
Roger Yang, Founder of Y Finance said: This partnership with Astra Tech opens up a world of possibilities for Y Finance. We are excited to join forces with Astra Tech, a renowned leader in the consumer technology space. Together, we will revolutionize financial services and empower individuals in the Philippines and beyond. This signing ceremony marks the beginning of an incredible journey, and we look forward to making a lasting impact.
Frankie Meng, Founder of Y Investment Philippines, also shared his perspective, stating: “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.”
By acquiring a substantial stake in Y Finance, Astra Tech is solidifying its position as a visionary player in the global financial landscape. Moreover, the company is committed to developing cross-border finance products tailored to enhance the financial well-being of
