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Malaysia’s Navis Capital Invests in Singapore’s Fintech Solutions Firm Moneythor

By DealStreetAsia / Jan 19, 2021 01:35 PM / World

Malaysia-based private equity firm Navis Capital Partners on Monday announced that it has completed an investment in Singapore-headquartered fintech solutions firm Moneythor Pte Ltd. The financial terms of the deal were not disclosed.

Founded in 2013, Moneythor provides financial institutions and fintech firms with solutions to enhance digital banking services.

“Moneythor’s solutions synthesising insights through artificial intelligence and machine learning help make digital financial services more relevant, more personal and insightful for customers thereby creating incredible value and customer experiences,” Navis partner Rajendra Pai said in a statement.

Navis was advised by PwC and Ashurst on the deal.

Moneythor, which has a presence in London, Paris, and Tokyo, will work closely with a Navis portfolio firm DZ Card, a Thai smart card solution and payment security system provider. Navis expects Moneythor and DZ Card to offer a wider suite of product and service offerings to customers in the financial service sector.

Navis’s investment comes at a time when the digital banking space is seeing a lot of activity in the Southeast Asian region.

Last month, the Monetary Authority of Singapore announced that it will award digital full bank licences to the Grab-Singtel consortium and tech giant Sea and wholesale bank licences to Ant Group and a consortium comprising Greenland Financial Holdings, Linklogis Hong Kong and Beijing Co-operative Equity Investment Fund Management.

Malaysia too has issued a policy document on the licensing framework for digital banks. The country’s central bank has said up to five licences may be issued to qualified applicants.

Navis manages approximately $5 billion in public and private equity capital and focuses on investments primarily in and around Asia. Last week, TES, a Navis-backed e-waste recycling service in Singapore, announced that Japan-based Sojitz Corporation has acquired a minority stake in TES-AMM JAPAN K.K.

In August last year, DealStreetAsia reported that Navis, which is in the process of raising its eighth fund, is said to have extended the fundraising to April. The firm is seeking up to $1.9 billion for Navis VIII.

Contact editor Marcus Ryder (marcusryder@caixin.com)

Related: Securities Watchdog Builds Up List of Fintech Providers as Supervision Tightens


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