VCI Global Gains Access To $750M Remittance Market With Acquisition Of EVOLET; No Financial Terms Of The Transaction Disclosed
Portfolio Pulse from Benzinga Newsdesk
VCI Global Limited (NASDAQ:VCIG) has announced the acquisition of EVOLET through its financial technology arm, Accuventures Sdn Bhd. This acquisition grants VCI Global access to Malaysia's growing remittance market, valued at approximately $750 million. EVOLET is a digital platform that serves the unbanked, including foreign workers in Malaysia, and has over 13,000 users. The integration of VCI Global's AI-powered micro-financing platform, Credilab, with EVOLET is expected to enhance services for foreign workers and contribute to the company's growth.
December 14, 2023 | 1:11 pm
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VCI Global's acquisition of EVOLET positions the company to capitalize on Malaysia's substantial remittance market and is likely to enhance its product offerings and revenue potential.
The acquisition of EVOLET by VCI Global is directly relevant to VCIG as it could lead to increased market share and revenue in the remittance space. The integration with Credilab suggests potential for new product development and service enhancement, which could attract more users and drive growth. The positive impact on VCIG's stock price is likely, given the strategic nature of the acquisition and the growth potential of the remittance market.
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