SoftPay Mobile International, a Singapore-based mobile point-of-sale (mPOS) venture, has agreed to purchase majority stake in Vietnam MPOS Technology, for an undisclosed amount.
The Vietnam-based mPOS company’s customers include Mai Linh Taxi Group, e-commerce group Lazada Vietnam and insurance companies.
Incorporated in 2014, SoftPay Mobile has presence in Vietnam, Malaysia, Singapore and Indonesia. Its investors include Life.SREDA, a Singapore-based fintech fund.
SoftPay Mobile said that mPOS, as a technology, has proven incredibly popular in Southeast Asia where a vast majority of people living in rural areas have no access to traditional banking infrastructure.
SoftPay Mobile CEO Christopher Low said: "This company comprises of an excellent team with numerous customers using mPOS. With this investment, SoftPay Mobile will be able to work closely with our new Vietnam MPOS company to further consolidate our market position as the leading MPOS company in Southeast Asia."