AsiaFIN Holdings Corp. (ASFH) completes acquisition of StarFIN Holdings Limited
KUALA LUMPUR, KUALA LUMPUR, MALAYSIA, March 11, 2023 /EINPresswire.com/ — AsiaFIN Holdings Corp. (OTC PINK:ASFH), is pleased to announce the completion of the previously announced acquisition on December 23, 2022 of StarFIN Holdings Limited (StarFIN) and its wholly owned subsidiaries namely StarFIN Asia Sdn Bhd (SFA), Insite MY Systems Sdn Bhd (IMS), Insite MY Innovations Sdn Bhd (IMI), OrangeFIN Asia Sdn Bhd (OrangeFIN) and OrangeFIN Academy Sdn Bhd (“OrangeFIN Academy”). The issuance and transfer of 8,232,038 ASFH new common stocks to the shareholders of StarFIN was completed on the 23rd February 2023.
https://www.sec.gov/ix?doc=/Archives/edgar/data/1828748/000149315223006662/form8-ka.htm
With the completion of this acquisition, AsiaFIN shall have around 100 staff in Malaysia servicing the customers and partners in the Asia region. StarFIN recorded revenues of US$3,161,892 and US$2,854,319 for financial year ending 2021 and 2022 respectively. Net Profit after tax was recorded as US$430,738 and US$320,040 for financial year ending 2021 and 2022 respectively.
Robin Hoo, CEO of StarFIN said, “Together with AsiaFIN, we look forward to achieving more innovation and growth in our services and areas of expertise, thus ultimately creating more value for our customers, partners, and stakeholders.”
AsiaFIN CEO, KC Wong said, “We will continue to grow in the Asia market as the Financial Ecosystem Enabler with new initiative like SaaS Regtech, XBRL compliance, ESG reporting, AI based RPA and Check21 compliant cheque truncation clearing system. Growth in these areas can be achieved, both organically or via acquisition, with like-minded partners and customers.”
Enquiries
AsiaFIN Holdings Corp.
Wong Kai Cheong, Chief Executive Officer
Email: kcwong@asiafingroup.com
Dr. Seah Kok Wah, Director
Email: seanseah@asiafingroup.com
About StarFIN Holdings Ltd.
StarFIN Holdings Ltd, a company registered in British Virgin Islands, is the holding company of six companies that are registered in Malaysia, namely StarFIN Asia Sdn Bhd (SFA), Insite MY Systems Sdn Bhd (IMS), Insite MY Innovations Sdn Bhd (IMI), OrangeFIN Asia Sdn Bhd (OrangeFIN), OrangeFIN Academy Sdn Bhd (OrangeFIN Academy) and Murni StarFIN Sdn Bhd (Murni StarFIN). IMS provides solutions to financial institutions in Asia for cheque clearing and online payments processing. IMI provides regulatory technology (REGTECH) for reporting entities and financial institutions. OrangeFIN is a provider of AI-powered Robotic Process Automations (RPA) solutions for financial institutions, large corporations and small medium enterprises. OrangeFIN Academy provides accredited training courses for OrangeFIN customers. Murni StarFIN is a joint venture company between PT Murni Solusindo Nusantara, a company established in Indonesia, and SFA. For further information please visithttps://www.insitemy.com and https://www.o rangefinasia.com
Forward Looking Statement
This press release contains forward-looking statements that involve risk and uncertainties involving the use of words such as “plans,” “would be,” “will allow,” “intends to,” “may result,” “are expected to,” “will continue,” “anticipates,” “expects,” “estimate,” “project,” “indicate,” “could,” “potentially,” “should,” “believe,” “think,” “considers” or similar expressions are intended to identify “forward-looking statements”. Investors should be aware that all forward-looking statements contained within this press release are good faith estimates of management as of the date that this press release is prepared based on current expectations that involve known and unknown risks. Our actual results could differ materially from those anticipated in these forward-looking statements for numerous reasons as described in the company website.
Contact
Wong Kai Cheong
AsiaFIN Holdings Corp.
+60 12-373 3783
kcwong@asiafingroup.com
