DFNN Inc. (DFNN) was informed today by the Board of Directors of affiliate HatchAsia, Inc. (HatchAsia) and by the recent publications of listed company AgriNurture, Inc. (ANI), that HatchAsia has entered into a Memorandum of Agreement with listed company ANI. The agreement is for the acquisition of up to 51% interest in Pay8 Inc. through a share swap. The acquisition represents PhP377,910,000.00 based on current valuation, subject to ANI’s conduct of due diligence and the execution of a finalized definitive agreement.
HatchAsia is primarily engaged in information technology providing multiple systems and platforms to various industries and is a major shareholder of Pay8 Inc. DFNN’s robust experience as an I.T. company with a strong success and track record together with HatchAsia puts it in a unique position to explore and maximize synergies and opportunities in this new partnership. DFNN together with HatchAsia has developed extensive expertise in developing digital banking platforms and FINTECH software with secure identification, geo fencing and facial recognition capabilities coupled with the infrastructure to manage high volume secure financial transactions, this will auger well in this new partnership moving forward.
The financial platform that will be introduced is anticipated to reach the farmers mostly in the un-served rural areas of the country and is targeted to have a major impact in the drive for financial inclusion of the much neglected banking requirements of our agribusiness sector by enabling farmers, producers, distributors and end users to make cashless payments within its closed looped ecosystem. More importantly, this platform should address the steady decline in revenue of the agricultural sector by providing much needed access to financial services.