GIC, SoftBank are said to weigh selling stake in fintech VNLife

The Vietnamese fintech firm has a presence in Vietnam, Singapore, Myanmar and Cambodia

GIC and SoftBank Vision Fund are considering selling their stakes in Vietnamese fintech firm VNLife, according to sources 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 sources said, asking not to be identified because the process is private. A transaction could value VNLife at US$1 billion or more, the sources said.

Deliberations are at an early stage, and there’s no guarantee of a deal, the sources said.

Representatives for GIC and SoftBank Vision Fund declined to comment.

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

The company, which owns digital payments firm VNPay, raised over US$250 million in a funding round led by private equity firm General Atlantic and Dragoneer Investment Group in 2021, having raised US$300 million a couple of years earlier from GIC and SoftBank Vision Fund 1. BLOOMBERG