The Vietnamese subsidiary of South Korea’s JB Financial Group, JB Securities Vietnam, will purchase a 3.9% stake in Vietnamese financial service provider Infina.
An agreement to this effect was signed by the two sides Thursday. The JB Financial Group said it may expand the stake to 5%, depending on the results of the newly established cooperation arrangement.
Infina is a leading asset management financial tool in Vietnam with about 1.3 million customers and 500,000 monthly active users. Established in 2018, it has attracted investments from the world’s biggest venture capital funds including Y Combinator and Sequoia.
Hanoi-based JB Securities engages in stock trading brokerage and margin loan business in Vietnam. It aims to further expand its activities in Vietnam through cooperation with local businesses.
South Korea was the biggest source of foreign direct investment (FDI) in Vietnam as of February 2024 with 9,908 projects and a total registered capital of $86.11 billion, according to the Ministry of Planning and Investment.