Green Packet buys Xendity for RM42.8m

by TMR/ pic credit:

GREEN Packet Bhd will acquire Xendity Pte Ltd for US$10 million (RM42.8 million) through a combination of cash of US$1.5 million and the issuance of new ordinary shares worth US$4 million, the company said in a statement yesterday.

The new shares will be issued over two years based on Xendity meeting stipulated key performance targets. Singapore-based Xendity specialises in identity verification processes using e-KYC (electronic know-your-customer) technology.

Since 2018  CTOS, Malaysia’s leading credit reporting agency, together with Xendity as its technology partner and leading banks, participated in Bank Negara Malaysia (BNM) e-KYC Financial Technology Regulatory Sandbox.

* The article has been edited and rectified for clarity and correctness.