Canadian fintech Mobi724 Global Solutions has agreed to divest its entire stake in its partly-held Philippine subsidiary Mobi724 Asia (MobiAsia).
The divestment is aligned with the company’s strategy to focus on scaling up its AI-enhanced card-link business.
Mobi724, which holds 70% of all issued and outstanding shares of MobiAsia, will sell its stake to QualityPay Solutions, which holds the remaining 30% stake in the firm.
Under the terms of the agreement, QualityPay will pay a total consideration of $340,000 in three tranches. The final instalment will be paid on 31 October 2019.
Once the deal completes, MobiAsia will become a wholly owned subsidiary of QualityPay Solutions.
Mobi724 CEO Marcel Vienneau said: “The sale of the company’s stake in MobiAsia, coupled with the divesting of our loyalty related accounts to Ackroo Inc. on July 2, 2019, completes the initiative embarked on in January 2019 to optimise our operations and focus our resources and efforts on the most scalable and value creating segment; namely, providing payment card issuers with AI enhanced card-linked offers and rewards capabilities.
“These are the segments where the Company holds a substantial competitive advantage.”
Mobi724 provides an integrated suite of payment card-linked, digital marketing and business intelligence solutions.
Headquartered in Montreal, the company has operations in North and Latin America as well as in the Caribbean.