VCI Global Gains Access To US$750 Million Remittance Market With Acquisition Of EVOLET
15 December 2023 - 12:00AM
VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”)
announced that its financial technology arm, Accuventures Sdn Bhd
will be acquiring EVOLET. The acquisition will provide VCI Global
direct access to the local remittance market.
EVOLET is a home-grown digital platform that
provides secured financial access and services for the unbanked,
amongst others. As with the other countries, Malaysia has been
aggressively driving to become a cashless society, increasing the
cashless payment options as the latter is rapidly gaining
popularity. Statista, the global data and business intelligence
platform, projected the number of mobile wallet users in Malaysia
to grow by a compound average growth rate of 11% to 25 million
users by 2026. In line with the growing e-wallet users, the digital
remittances market, with a projected transaction value of RM3.6
billion (approximately US$750 million) in 2023, is expected to
record a compound average growth rate of almost 11% until 2026.
In the course of digitalizing the unbanked, the
e-remittance features provided by EVOLET negate the need for the
users, in particularly foreign workers, to transfer money through
less efficient conventional methods, thus creates evolution of the
financial landscape for the foreign workers in Malaysia. To date,
EVOLET is already serving over 13,000 users, from 13 countries, who
are working in Malaysia.
In October this year, Ministry of Home Affairs
revealed that the number of foreign workers in Malaysia has
exceeded 2.7 million. Conservatively, the total annual salary of
these foreign workers itself is RM50 billion (approximately US$10.5
billion) and rising, based on the current minimum wage. The foreign
workers’ hefty annual wages are undoubtedly seen as the remittance
market’s growth driver.
In complementing remittance to home countries,
EVOLET, which has integrated with notable partners and leading
mobile wallet and online payment platforms such as GCash,
Mastercard and QQ Pay, also enables a user to receive salary, make
purchases and bill payments, just to name a few.
“Post acquisition, we will be able to integrate
Credilab which is our AI powered micro financing platform, with
EVOLET. This will boost the business considerably by offering
financing, primarily targeting the foreign workers in the country,”
said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive
Officer of VCI Global.
About VCI Global Limited
VCI Global is a multi-disciplinary consulting
group with key advisory practices in the areas of business and
technology. The Company provides business and boardroom strategy
services, investor relation services, and technology consultancy
services. Its clients range from small-medium enterprises and
government-linked agencies to publicly traded companies across a
broad array of industries. VCI Global operates solely in Malaysia,
with clients predominantly from Malaysia, but also serves some
clients from China, Singapore, and the US.
For more information on the Company, please log
on to https://v-capital.co/.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking
statements that are subject to various risks and uncertainties.
Such statements include statements regarding the Company's ability
to grow its business and other statements that are not historical
facts, including statements which may be accompanied by the words
"intends," "may," "will," "plans," "expects," "anticipates,"
"projects," "predicts," "estimates," "aims," "believes," "hopes,"
"potential" or similar words. Actual results could differ
materially from those described in these forward-looking statements
due to certain factors, including without limitation, the Company's
ability to achieve profitable operations, customer acceptance of
new products, the effects of the spread of Coronavirus (COVID-19)
and future measures taken by authorities in the countries wherein
the Company has supply chain partners, the demand for the Company's
products and the Company's customers' economic condition, the
impact of competitive products and pricing, successfully managing
and, general economic conditions and other risk factors detailed in
the Company's filings with the United States Securities and
Exchange Commission. The forward-looking statements contained in
this press release are made as of the date of this press release,
and the Company does not undertake any responsibility to update the
forward-looking statements in this release, except in accordance
with applicable law.
CONTACT INFORMATION:
Issued by Imej Jiwa Communications Sdn
Bhd on behalf of VCI Global LimitedFor media queries,
please contact:
Imej Jiwa Communications Sdn
BhdChris ChuahEmail: chris@imejjiwa.com
VCI Global (NASDAQ:VCIG)
Historical Stock Chart
From May 2024 to Jun 2024
VCI Global (NASDAQ:VCIG)
Historical Stock Chart
From Jun 2023 to Jun 2024