Singapore’s GIC Pte Ltd and Japan’s SoftBank Vision Fund are considering selling their stakes in Vietnamese fintech firm VNLife, Bloomberg reported on Tuesday, quoting people with knowledge of the matter.

The Singaporean sovereign wealth fund and SoftBank Vision Fund 1 are working with a financial adviser and have reached out to potential investors to gauge interest, the people said, according to the report.

A transaction could value VNLife at $1 billion or more, the people said. Deliberations are at an early stage and there’s no guarantee of a deal, the people added.

Representatives of GIC and SoftBank Vision Fund declined to comment, the report added.

Founded in 2007, VNLife has a presence in Vietnam, Singapore, Myanmar and Cambodia, according to its LinkedIn page.

The company said it is a diverse ecosystem comprising of leading companies driving transformations in both traditional and growing demand sectors in the economy such as tourism, logistics, commerce.

Fintech VNPay is the current forerunner of VNLife’s subsidiaries. VNPAY is the leading Vietnamese digital payment firm, and also the pioneer of offering QR code payment in the country.

VNPay currently provides electronic payment services to more than 40 banks, five telecommunications companies and 20,000 businesses.

VNPay ecosystem itself has a wide portfolio of systems and services ranging from banking services (QR-Code payment gateway which connecting business units to the bank), financial services (VnMart e-wallet, VnPayBill bill payment, VnTopup phone credit recharge), to e-commerce websites (Vban.vn) and flight booking service (VnTicket)

According to Bloomberg‘s report, the company raised over $250 million in a funding round led by private equity firm General Atlantic and Dragoneer Investment Group in 2021, having raised $300 million a couple years earlier from GIC and SoftBank Vision Fund 1.


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