By Stephen Nakrosis
Empty control company StoneBridge Acquisition Corp. said it entered into a business combination agreement that will take Fintech-As-A-Service company DigiAsia public.
The deal will see the combined company, which will be called DigiAsia, trade on the Nasdaq stock exchange under the symbol FAAS, the companies said.
DigiAsia is an Indonesia-focused company that “provides FaaS in digital wallets, utility bill payments, banking as a service, supply chain payments, remittances and working capital loans for merchants,” the companies said. DigiAsia said it is the exclusive partner of Mastercard in Indonesia and added that other key partners include Western Union, Starbucks, Garuda Indonesia and Bukalapak.
According to the companies, “all current shareholders, including Mastercard and Reliance Capital Management will pass over 100% of their equity.”
StoneBridge Acquisition originally filed for its initial public offering in February 2021. At the time, the company said it was focusing its search for target businesses in e-commerce, fintech, Software as a Service, renewable energy and information technology and services. IT enabled.
The deal is expected to close in the second quarter.
Email Stephen Nakrosis at stephen.nakrosis@wsj.com
