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Chong Sing Holdings FinTech unit gets payment license in Vietnam

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Chong Sing Holdings FinTech unit gets payment license in Vietnam

An indirect unit of Chong Sing Holdings FinTech Group Ltd. obtained a license from Vietnamese regulators to offer digital financial services in the Southeast Asian country.

Vinatti, a company owned by the group's subsidiary Amigo Technologies, secured a 10-year third-party payment license from the State Bank of Vietnam. The license would enable the company to offer payment and collection support and e-wallet and digital currency transfer services, the group said March 5.

In late 2016, Chong Sing Holdings FinTech Group, formerly known as Credit China FinTech Holdings Ltd., agreed to acquire Amigo Technologies. Amigo Technologies, which provides IT services and solutions for personalized financial services in Vietnam, will focus on the third-party payment license's application and will cooperate with banks to offer new products and services, the group noted.