econtext Asia has made a subscription agreement with SBI Holdings, Inc. and Beenos Inc. to co-invest in Sendo owned by FPT Corporation, a leading technology company in Vietnam.

 

Sendo is primarily engaged in online marketplace business and online payment business in Vietnam, which becomes the fourth country in econtext Asia’s outreach strategy to develop its business in the region after China, Indonesia and India.

 

econtext is a leading provider of online payment services and e-commerce solutions in Japan. It promotes its developments in Asia and has commenced operations in many parts of the region, through VeriTrans Inc. and econtext Inc’s subsidiaries in Japan.

 

VeriTrans Inc. is one of the market leaders in the online payment solutions industry in Japan and econtext Inc. is a pioneer in providing convenience store payment solutions in Japan.

 

Prior to listing on the main board of the Hong Kong Stock Exchange in December 2013, econtext Asia had established VeriTrans Shanghai Co., a joint venture in China; PT. Midtrans, a joint venture in Indonesia; as well as forged a business alliance with Citrus Payment Solutions, the major online payment service provider in India. After listing, the group has also established econtext Asia EC Fund Investment for strategic investments in Asian e-commerce-related companies. This investment in Vietnam plays an important role in expanding in the Asian market, the company said.

 

The Vietnamese e-commerce market is expected to reach US$4 billion in 2015. In the future, econtext Asia plans to develop Sendo to be the largest online marketplace in Vietnam and contribute to the growth of e-commerce market there by enhancing online payment and related infrastructure and services through SenPay, the payment service of Sendo.