Industronics looks at buying into HK fintech firm
TheStar Wed, Mar 24, 2021 09:20am - 2 minutes ago



Industronics factory

KUALA LUMPUR: Industronics Bhd has signed a memorandum of understanding (MoU) for the proposed acquisition of a stake in Hong Kong’s Bluemont.

Industronics said in a statement that it entered the MoU with Bluemont and Li Hok Yin, a shareholder of the company, to discuss the details of the proposed acquisition.

Bluemont was founded in 2016 with a current issued share capital of HK$23mil (RM12.2mil).

According to the statement, Bluemont offers comprehensive financial services with securities brokerage, asset management, credit services, capital financing and commodities.

“We are extremely delighted to have this opportunity to acquire a stake in Bluemont. We see it as a very strategic addition to Industronics.

“As a licensed entity, Bluemont has access to the attractive securities, asset management and money lending businesses in Hong Kong, ” said Industronics general manager Lee Chee Cheng.

Lee said the assimilation of Bluemount’s expertise could pivot the group towards the fintech segment.

“We have strong conviction that the future of finance is technology-driven and as such, fintech is definitely the direction that we are pursuing, moving forward, and we see ourselves playing a key role in the revolution of financial services industry, ” he added.

Meanwhile, Bluemount has an e-commerce plaform, ECHK Mall, which offers synergies with Industronics’ own e-commerce business.

According to Lee, Bluemount could be considering options to go public by listing on a South-East Asian market in the near to mid term.