Indonesian firm Digiasia signs binding business combination agreement with StoneBridge Acquisition Corporation
An embeddable "Fintech-as-a-Service" (FaaS) company from Indonesia named DigiAsia Bios Pte Ltd ("DigiAsia") has signed a binding business combination agreement with StoneBridge Acquisition Corporation, an Asia-Pacific focused publicly traded special purpose acquisition company (SPAC). The combined business will be known as DigiAsia and trade on The Nasdaq Stock Market under the ticker symbol "FAAS" once the Transaction is complete.
DigiAsia is a pioneer in embedded Fintech and Banking in Indonesia and was established in 2017 by Alexander Rusli and Prashant Gokarn in Jakarta. It is dedicated to addressing all financial industry-related difficulties and is concentrated on reaching a sizable total addressable market (TAM) of $245 billion and expanding.
By offering Embedded Fintech solutions to B2B2M (Business to Business to Merchants) and B2B2C (Business to Business to Consumers) such as mobile wallets, card issuance, bill payments, cash management, supply chain payments, and lending, among others, DigiAsia is accelerating financial inclusion through its licences and technology stack. The business uses fintech licences to provide services for P2P lending, remittances, digital wallets and payments, banking as a service, and other digital financial services.
With Western Union, Bukalapak, Starbucks, Garuda Indonesia, Semen Indonesia, KaiPay, eFishery, and Home Credit among its other significant partners, DigiAsia is the only Mastercard partner in Indonesia.