JB Financial to invest in motorbike transaction platform in Vietnam

JB Financial Group Chairman Kim Ki-hong, left, poses with OKXE CEO Kim Woo-seok after signing a strategic investment agreement at JB Financial Group's building in Yeouido, Seoul, Friday. Courtesy of JB Financial Group

JB Financial Group signed a strategic investment agreement with OKXE, a used motorcycle transaction platform in Vietnam, the financial group announced Monday.The financial group said it will hold a stake of around 8 percent in OKXE after the joint acquisition of the shares by JB Financial and JB Investment.It is the group’s second investment in the Vietnamese fintech industry following a strategic investment deal with Infina, a Vietnamese financial platform, on March 6. JB said that it aims to bolster its securities operation in Vietnam through a strategic partnership with the mobility platform.In 2020, OKXE launched the online used motorcycle transaction platform, which was the first in the country where motorbikes are a popular method of transportation.It gained popularity as it eliminated the inconvenience of offline transactions by enabling fast and simple online trading. The number of its customers has grown steeply in a short period of time. The number of users stands at around 8 million as of the end of 2023, making it one of the major platforms in Vietnam with around 2,000 partnered dealers.

JB Financial Group said that JB Securities Vietnam, its brokerage affiliate in Vietnam, will expand the customer base through collaboration with OKXE, including joint promotion and marketing, both online and offline.It also plans to use it as a channel to advance into consumer financing in Vietnam. The company also plans to seek new synergy in OKXE’s advancement into the Cambodian market through collaboration in finance.“OKXE has been securing a competitive edge by offering services integrating online and offline in the motorbike market which is among daily necessities in Vietnam,” OKXE CEO Kim Woo-seok said.“Based on investment by JB Financial Group, we will work as a bridge between the ecosystems of finance and motorbike and expand to other Southeast Asian countries.”JB Financial Group Chairman Kim Ki-hong said, “The strategic partnership with OKXE is meaningful in that we created a mutual growth model by investing in a fintech startup. We will not only expand our customer base in the Vietnamese brokerage [industry] but also try to jointly advance into other 슬롯놀이터 markets.”

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