28 September 2022

Carey Olsen supports Fintech Asia Ltd's London Stock Exchange debut

Carey Olsen's Guernsey corporate team has advised Fintech Asia Ltd, a Guernsey-incorporated special purpose acquisition company (SPAC), on its admission to trading on the Main Market of the London Stock Exchange.

The primary focus of the SPAC is to acquire businesses in the fintech sector that offer innovative solutions that improve the delivery of financial services in Asia, to generate attractive returns for shareholders. Potential targets include businesses in the mobile banking, digital payments and blockchain related technology industries with the potential for expansion.

The Carey Olsen team advising Fintech Asia on the Guernsey legal and regulatory aspects of its listing on the LSE comprised partner Tony Lane, counsel Andrew Tually and senior associate Jamie Oldfield. The team worked alongside onshore counsel Pinsent Masons MPillay.

Tony commented: "We are proud to have supported Fintech Asia on this milestone achievement and to be able to demonstrate, once more, our strength and expertise in capital market transactions and Guernsey's reputation as a jurisdiction of choice for incorporating and listing SPAC vehicles."

Andrew, who was based in Carey Olsen's Singapore office between 2017 and 2020, said: "It is an exciting time for Fintech Asia as its listing on the LSE Main Market perfectly positions the company to target its first acquisition."

Fintech Asia Chief Executive Officer, Oliver Fox, said: "I am pleased that the company has been admitted to trading on the Main Market of the London Stock Exchange. The commencement of trading on the London Stock Exchange is an important milestone for the company and I would like to thank Carey Olsen for their support and the team who worked on the transaction. We plan to use Fintech Asia as a vehicle to acquire one or more exciting businesses in order to generate attractive returns for our shareholders."

Fintech Asia was incorporated in 2021 and has raised GBP £1.5 million through the subscription and placing of 3 million ordinary shares. The market capitalisation of the company following its admission is GBP £9.8 million.

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