as requested @Chey-9, made a new thread & have gone into a bit more detail.
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What is Fatfish? Fatfish operates as an incubator & venture firm with multiple investments across Asia-Pacific and Europe. The company primarily partners with entrepreneurs to build tech businesses via a co-entrepreneurship model. It focuses on emerging global technology trends.
Fatfish has most recently been actively & heavily investing with a focus in the rapidly growing gaming & fintech markets:
FFG's Recent FinTech Investments
- Forever Pay (100% owned by FFG)
FP is a retail BNPL & digital finance solutions company that holds a Malaysian money lending license; "Acquiring Forever Pay will allow Fatfish Group to utilise Forever Pay's lending licence to enter the retail BNPL business and further position Fatfish as a comprehensive BNPL player in South East Asia"
"Fatfish is expected to enhance Forever Pay's operational ability through its technology and domain expertise, especially in the areas of e-KYC (Know-Your-Customer) technology, credit assessment and digital marketing.
The company also sees potential synergies and opportunities for Forever Pay to collaborate with its Singaporean subsidiary Smartfunding."
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- Smartfunding (89.4% owned by FFG)
Smartfunding is a Singapore-based company, licenced by the central bank of Singapore & holds a capital market services licence granting the company regulatory abilities to conduct transactions in any investment instruments classified as securities under the Singapore Securities & Futures Act, including debt securities.
Smartfunding's strong regulatory position & a local market licence are expected to allow Fatfish to conduct regulated lending services in Singapore with expansion into other territories.
"With the completion of this direct acquisition, the FFG's venture building team has started working closely with the Smartfunding management to prepare for the roll-out of its BNPL financing service in Singapore, that will soon be launched," Fatfish said.
At the end of November this year, Fatfish announced its intention to establish a BNPL business in South East Asia via Smartfunding. The company said its overarching strategy was to conduct an initial launch in Singapore before advancing further in the region.
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- Pay Direct (55% owned by FFG)
Pay Direct operates a payment gateway technology suite called "QlicknPay" enabling financial institutions to rapidly onboard merchants to accept online payments. Fatfish made this investment saying it would "accelerate its buy now pay later (BNPL) strategy & other digital financing services in South East Asia.
Pay Direct currently "processes $32 million in monthly transactions and $380 million annually. Its clients include multinational OCBC Bank (Oversea-Chinese Banking Corporation) and Public Bank, one of Malaysia's most profitable financial institutions and the sixth largest in south-east Asia.More than 500 merchants process online payments through QlicknPay.
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- iHarap (100% owned by FFG)
iHarap is an Islamic financing business complementary to the BNPL services that Fatfish is rolling out, sharing common technology & back-office components & developing economies of scale at marketing differentiated financing products to this targeted audience in South East Asia," Fatfish chief executive officer Kin-Wai Lau said.
The company name is derived from the local Malay word 'harap', meaning hope, with iHarap loosely translating to 'I hope'. The company intends to develop a technology platform to offer "ethical Islamic financing products" to end consumers. Fatfish said, "it chose to launch iHarap in Malaysia as it is among the global leaders of Islamic finance due to its successful development of a complete Islamic financial system including Islamic banking, Islamic capital markets and Islamic insurance."
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- Fatberry (61% owned by FFG)
Fatberry offers online insurance products & is currently planning to expand into new areas. Chief executive officer Kin Wai Lau says, "the increasing number of consumers purchasing online insurance is an unstoppable macro-trend" & the company is in advanced discussions with an unnamed provider to potentially offer Malaysia's first digital medical insurance products.
Total insurance sales for the six months to end June 2021 hit $1.9 million & the company recorded gross sales of insurance premiums worth $408,792 in May, growing 36.7% to reach $569,599 by end June, logging an average 478% quarter-on-quarter growth rate over the past 12 months.
FFG's Gaming & Other Primary Investments
Fatfish is the largest shareholder of iCandy (ASX:ICI) with ~35% of SOI, which is a stake currently worth around $20M. Of note about ICI:
- ICI owns ~25% of RightBridge Ventures (value: $4.8M+) which is on track to IPO this year;
- ICI also owns 7.87% of Mighty Kingdom (ASX:MKL);
- ICI holds a 50% stake in a JV called "Sky Candy" with Lemon Sky Studios (https://www.lemonskystudios.com/) to launch a near-AAA quality game;
FFG owns 50.1% of Abelco (https://www.abelco.se/) (NGM:ABIG) & also holds interests in: BetterPay, PaySlowSlow, Minerium,...
Further to Abelco, they have investments in 21 companies, three of which are publicly listed.
MY CONCLUSION: i think FFG is currently considerably undervalued. Fair value appears to be around 14 cents/share, which is an MC of $145M. please post corrections & gaps in information, especially as i have just touched the surface: FFG has direct & indirect investments in +25 companies! finally, everyone should do their own research.
(20min delay)
