MANILA - AgriNurture, the listed agribusiness firm of businessman Antonio Tiu, said Wednesday it is extending the due diligence process in completing the acquisition of a majority stake in fintech firm Pay8 from HatchAsia Inc (HAI).
The delay was due to "supervening events such as the intended listing of HAI in the Australian Stock Exchange," AgriNurture said.
This is the second time it delayed acquiring Pay8 since extending due diligence in September after signing a memorandum of agreement (MOA) back in July.
AgriNurture plans to digitally transform the agriculture sector through Pay8 by employing seamless, efficient, and contactless online transactions between farmers and buyers, as well as giving them access to credit and loans.
Linking the e-wallet of Pay8 to AgriNurture’s affiliate banks will allow farmers to access credit online and offline and withdraw its profit from any ATM throughout the country, the company said.
AgriNurture added that Pay8 expanded its network of payment centers in far-flung and unconnected rural areas which include WeChatpay and Cagayan Economic Zone Authority from its existing contracts with Philpost and other local electric cooperatives.
Businesses are shifting towards online payments to adapt to the required safety measures and practices in the new normal to avoid the spread of COVID-19.