Indonesia’s buy now pay later (BNPL) firm Kredivo now holds a 99.99 percent stake at Timo Vietnam JSC, also known as Timo digital bank by BVBank in Vietnam.

According to Timo Vietnam JSC’s latest business license recorded with Vietnam’s National Business Registration Portal updated in mid-April, Kredivo Vietnam JSC’s stake in Timo Vietnam is equivalent to VND898.6 billion ($34.1 million). Kredivo Vietnam is part of Indonesia’s Kredivo Group (formerly known as FinAccel), which is Southeast Asia’s leading provider of digital financial services through its brands Kredivo, KrediFazz, and Krom.

Kredivo Vietnam is in turn 57.5 percent owned by FPL Capital Pte. Ltd, a Singapore-incorporated entity of Kredivo. At its foundation in 2021, Kredivo Vietnam was established and 99.93 percent owned by Vietnam-based Phoenix Holdings, a firm founded by Nguyen Thanh Phuong and Nguyen Hoang Bao. Nguyen Thanh Phuong is a co-founder and a major stakeholder at BVBank.

Timo by BVBank is the first digital bank in Vietnam. It was established in 2015 as Lifestyle Project Management, a fintech firm. It launched the strategic partnership with BVBank in 2020.

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