Financial services company, LuLu Financial Holdings has acquired a 70.83 percent stake in Malaysia’s NS Cashpoint and aims to leverage on Malaysia’s digital payment industry through its fintech advancement.
This strategic effort acquisition is part of LuLu to leverage its benefits of value chain management as a recognised investor of financial service in the GCC, Indian sub-continent, and APAC economies.
Commenting on the acquisition, LuLu Financial Holdings Managing Director, Adeeb Ahamed, said, “We are delighted to increase our investment in NS Cashpoint, which has emerged as a key brand for our growth trajectory in the APAC region. Malaysia is a major outbound market in South-east Asia, serving several corridors dependent on the remittance economy. With this partnership, we aim to introduce the outcomes of our global investments in technology and process expertise, to further diversify the quality of financial services offered in the region.”
“As a financial investment company, we aspire to innovate value for our investments by designing modern solutions that can ease the financial journeys of our existing new customers. NSC can leverage our strengths in the fintech space to their advantage in this regard. Furthermore, our position as one of the major players of wholesale currency in the Middle East can be used to expand its wholesale currency business, keeping Malaysia as the regional hub for sourcing and clearing of currencies,” added Adeeb.
With this acquisition, the holding company’s investments in digitising the cross-border payments industry can be regionally enabled to make payments low cost and more accessible to consumers in Malaysia’s remote and underserved locations.
As a part of the renewed partnership, NS Cashpoint will introduce new services, including instant money transfer, swift payments for B2B customers, online and mobile remittances, and payroll management solutions. The company will also introduce various value added services such as multi currency cards, utility bill payments, mobile top ups.
Chief Executive Officer (CEO), NS Cashpoint, Jacob Varghese, opined that the move by LuLu Financial Holdings offered his company an opportunity to enhance capabilities in compliance, audit, monitoring and reporting.
“The combined synergy of the acquisition will allow us to offer a wider service basket to our customers, all the while pushing us to improve operational efficiency, expand the scope of business and position ourselves competitively as a regional and global player,” he added.