What ASEAN Fintech Group Ltd does

ASEAN Fintech Group Ltd (AFG) is a Singapore-headquartered venture corporation and the fintech arm of ASX-listed Fatfish Group Limited (ASX: FFG), founded in 2017 to acquire and scale fintech startups across Southeast Asia. The group operates an integrated multi-vertical platform spanning Payments, Lending/BNPL, Insurtech, and Wealth Management, with seven portfolio brands: BetterPay and JazzyPay (payment gateways), PaySlowSlow, iHarap, and SmartFunding (BNPL and Islamic-compliant lending), and Fatberry and Carewise (insurance). AFG holds regional hubs in Thailand, Malaysia, Singapore, Indonesia, and the Philippines, with plans to add Vietnam and Cambodia, and operates a 120+ person team.

Underlying technology centers on a Web 3.0-positioned multi-vertical stack with AI-enabled data and behavior analytics embedded in the Fatberry insurance marketplace to support product comparison and instant quoting. BetterPay and JazzyPay provide payment gateway infrastructure for merchants; PaySlowSlow delivers a 0% interest four-installment BNPL product; iHarap and SmartFunding extend credit access including Shariah-compliant funding; and Fatberry aggregates multiple insurers via API integrations. The group maintains a venture-builder M&A engine that has deployed more than US$10 million into strategic acquisitions, with founders and institutional investors receiving newly issued AFG shares to align incentives.

The business model combines two revenue engines. At the corporate level, AFG pursues sales-led enterprise M&A of fintech startups with solid fundamentals, providing capital, regulatory licenses, tech infrastructure, and network access in exchange for equity. At the operating level, the portfolio generates transaction-based revenue: BNPL take-rates on merchant GMV (PaySlowSlow targeted RM200 million in 2022 transactions across 500+ merchant partners in Malaysia), lending margins on deployed capital, insurance marketplace commissions (including the Tokio Marine-anchored COVID-19 plan starting at RM88 annually), and payment gateway fees. Primary customer segments are SMEs and merchants, underbanked consumers aged 25–44 (addressing the ~55% underbanked Malaysian population), insurance seekers, and high-growth fintech scale-ups.

Name

ASEAN Fintech Group Ltd

Legal name

ASEAN Fintech Group Ltd

Website

https://aseanfintechgroup.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

ASEAN Fintech Group is a Singapore-based venture corporation and fintech arm of ASX-listed Fatfish Group that acquires and scales multi-vertical fintech startups across Payments, Lending/BNPL, Insurtech, and Wealth Management in five ASEAN markets.

Ownership category

akta.pro rank

Product category

Multi-vertical Fintech Platform

NAICS

Sales Financing (52222)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Corporate Fintech / Insurtech CVC (Financial-services-led CVC) (FSANAHAK)

akta.pro secondary industries

SME Banking Suite (Business Accounts, Invoicing, Payroll Integrations) (FSAGAAAI), Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), Identity, Fraud & Insurance-Specific RegTech Platforms (FSAGAGAJ), Debt Management & Paydown (Student Loans, Credit Cards) (FSAGADAD)

Keywords

• Fintech platform services
• Digital payment gateway
• Buy now pay later
• Digital insurance marketplace
• Venture capital fintech

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Lending Capital Deployment: AFG deploys lending capital through risk factor considerations, identifying where and when value is created to maximize ROI effectively. Revenue generated through interest and lending margins.
2. BNPL Transaction Fees: PaySlowSlow platform collects transaction fees upon successful sales. Merchants receive upfront payment of sales while users pay installments to the BNPL provider. The margin is typically the provider's cut.
3. Insurance Marketplace Commission: Fatberry operates as a digital insurance aggregator, earning commission from insurance providers for policy sales through their platform. Consumers compare and purchase insurance products through API integrations with multiple insurers.
4. Strategic M&A Investments: AFG invests more than US$10 million in strategic mergers and acquisitions of fintech startups. Founders and institutional investors are incentivized with newly issued AFG shares, creating aligned interests for growth.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

ASEAN Fintech Group (AFG) is a venture corporation that builds and operates an integrated multi-vertical fintech platform spanning Payments, Lending/Buy Now Pay Later (BNPL), Insurtech, and Wealth Management across Southeast Asia. The company acquires and operates fintech subsidiaries (BetterPay, JazzyPay, PaySlowSlow, iHarap, SmartFunding, Fatberry, CareWise) providing payment gateway services, BNPL consumer credit, Islamic-compliant funding, and an AI-enabled insurance marketplace to SMEs, merchants, and consumers.

Product overview

ASEAN Fintech Group operates as an integrated multi-vertical fintech platform with four core verticals: Payments (BetterPay, JazzyPay), Lending/BNPL (PaySlowSlow, iHarap, SmartFunding), Insurtech (Fatberry, CareWise), and Wealth Management. The company functions as a venture corporation under Fatfish Group Limited (ASX:FFG), empowering businesses and consumers through Web 3.0-geared multi-vertical tech solutions and services. The portfolio includes both acquired companies and self-developed platforms, creating an interconnected fintech ecosystem with over 120 employees operating across Thailand, Malaysia, Singapore, Indonesia, and the Philippines.

Differentiator

Problem solved

Functional benefit

Brands

• BetterPay: Payment gateway services for merchants
• JazzyPay
• PaySlowSlow
• iHarap
• SmartFunding
• Fatberry
• Carewise

Products and services

• BetterPay Payment gateway solution providing value-integrated payment systems and applications designed to facilitate a range of payment collections for SMEs and merchants of modern commerce.
• JazzyPay Digital payments provider enabling businesses of various sizes to accept cashless payments securely and seamlessly through quick onboarding and payment gateway integration. Operates in the Philippines.
• PaySlowSlow Buy Now Pay Later (BNPL) platform allowing consumers to split purchases into four interest-free equal payments at merchant partners. Supports credit and debit card payments, targeting underbanked and unbanked consumers in Malaysia.
• iHarap Islamic-compliant funding platform digitizing credit products for consumers and enterprises, providing curated access to credit throughout Southeast Asia.
• SmartFunding Lending solution digitizing credit products for consumers and enterprises, facilitating quicker and more efficient commerce through BNPL plans and Islamic-compliant funding options.
• Fatberry Digital insurance marketplace platform with AI-enabled data and behavior analytics that allows users to compare and customize insurance products online. Currently offers car and motorcycle insurance with plans for health, home, travel, and personal accident insurance. Earns commission from insurers.
• CareWise Insurtech platform providing insurance made easy through an all-in-one digital platform where consumers and businesses can compare, customize, and make purchasing decisions for insurance products.

Quantifiable outcome

• 55% of Malaysian population is underbanked/unbanked with limited access to installment payment options
• +1 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• JazzyPay InccoreStrategic or Co-development Partner · 6 January 2022AFG acquired JazzyPay Inc, the Philippines' leading digital payments provider valued at US$1.8m. JazzyPay provides fast, accessible and versatile digital payment solutions for businesses of all sizes. The acquisition builds on AFG's vision to create a regional omnichannel platform in the fintech space.
• Tokio MarinecoreStrategic or Co-development Partner · 1 January 2021Fatberry.com partnered with Tokio Marine to introduce Malaysia's first-ever Covid-19 coverage plan. The affordable coverage plan includes hospital allowances, covid-19 cash allowances, and funeral expenses for Malaysians aged 16-55.
• MooMoo Non-Life Insurance BrokercoreStrategic or Co-development Partner · 1 January 2021Fatberry acquired Bangkok-based MooMoo Non-Life Insurance Broker to expand to Thailand and launch Fatberry Thailand, extending the insurance marketplace platform to another ASEAN market.
• VisaminorGTM or Marketing Partner · 1 January 2020Fatberry formed partnership with Visa to launch a promotional campaign where consumers can purchase car road tax at RM1 when purchasing car insurance from Fatberry using a Visa debit or credit card.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Kredivo: Indonesia-listed digital credit and BNPL platform serving underbanked consumers across Southeast Asia. Comparable to AFG's BNPL and lending products in target segment and geographic footprint.
• Funding Societies: SEA's largest SME digital financing platform operating in Singapore, Malaysia, Indonesia, Thailand, and Vietnam. Comparable to AFG's lending capital deployment and SME merchant financing focus via BetterPay and SmartFunding.
• Atome: Singapore-based BNPL provider operating across Singapore, Malaysia, Indonesia, Philippines, Thailand, and Vietnam. Directly competes with PaySlowSlow in the regional interest-free BNPL category.
• Akulaku: Indonesia-headquartered BNPL and digital finance platform operating across Indonesia, Philippines, and Vietnam. Closely comparable to AFG's PaySlowSlow and iHarap in product scope and ASEAN underbanked focus.
• BillEase: Philippines-based BNPL and consumer credit provider, recently raising growth capital. Directly competes with the BNPL offering acquired via JazzyPay in the Philippine market.

Broad incumbents

• Grab Holdings: SEA super-app offering GrabPay, GrabFinance, and GrabInsure across ASEAN markets. Broad incumbent that competes with AFG across payments, lending, and insurtech verticals and benefits from massive scale and super-app distribution.
• GoTo Group: Indonesia-listed super-app combining Gojek, Tokopedia, and GoPay financial services. Overlaps with AFG across payments and consumer fintech across Indonesia and broader ASEAN.
• Sea Limited: NYSE-listed SEA conglomerate operating Shopee e-commerce and SeaMoney (including SPayLater BNPL). Operates BNPL, payments, and consumer financial services across the same ASEAN geographies targeted by AFG.

Others

• iCandy Interactive: ASX-listed mobile gaming and interactive entertainment group in which AFG's Executive Director Kin Wai Lau is a major shareholder. Sister-company relationship via Fatfish Group provides insight into the holding company structure rather than direct fintech competition.

Emerging players

• Igloo (formerly known as Aioi Nissay Dowa Insurance Innovations): Singapore-headquartered insurtech with embedded insurance partnerships across Indonesia, Philippines, Vietnam, Thailand, and Malaysia. Directly comparable to AFG's Fatberry and CareWise insurtech marketplace.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ASEAN_Fintech
• LinkedInlinkedin.com/company/aseanfintechgroup
• Facebookfacebook.com/ASEANFintechGroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ASEAN Fintech Group Ltd