Jiekou Payment spent 408 million to acquire Jingcheng Securities: to develop a one-stop application for "investment, financial management, and payment"?

From electronic payment to securities brokerage, Jko Pay announced an investment of NT$408 million to acquire 100% of the shares of Jing Cheng Securities, a subsidiary of Jing Cheng Bank (2809), officially entering the core business of traditional finance. This move not only expands Jko's business territory but also becomes a focus of attention in the financial circle on the eve of Sinopac Financial Holdings and Jing Cheng Bank's merger.

NT$408 Million Full Acquisition! Jko Pay Obtains Jing Cheng Securities

Taiwan's second-largest electronic payment platform "Jko Pay" has officially entered the securities industry. According to Digital Times, Jing Cheng Bank's board of directors resolved yesterday (9th) to sell 100% of its subsidiary Jing Cheng Securities, with a total transaction amount of approximately NT$408 million, with the buyer being Jko Internet Financial Technology Co., Ltd.:

Jko acquired 23 million shares at NT$17.77 per share, totaling approximately NT$408.717 million, with the transaction still pending further approval from the Investment Commission of the Ministry of Economic Affairs.

This acquisition is seen as an important milestone in Jko Pay's financial landscape development, symbolizing its intention to upgrade from a payment tool to a comprehensive platform integrating securities, financial management, and asset management. With over 6.73 million users, second only to LINE Pay, this acquisition may open the door to its "one-stop investment and financial management" service.

Jing Cheng Bank Recognizes Loss of NT$16.68 Million, Securities Business Not Included in Merger System

Although the sale was successful, Jing Cheng Bank sold at a loss. Reports indicate that Jing Cheng Securities' book value was NT$425.399 million, and the disposal price is clearly lower than the book value, meaning Jing Cheng Bank will recognize a loss of approximately NT$16.68 million.

Notably, Jing Cheng Securities was not included in Sinopac Financial's merger plan but was independently cleared, showing that Jing Cheng Bank had separated non-core or non-integrable businesses before the merger, allowing Jko Pay to directly acquire a securities company with existing operational scale.

Sinopac Financial Holdings x Jing Cheng Bank Merger Countdown, Financial Control Landscape Reshuffled

On the other hand, the merger between Jing Cheng Bank and Sinopac Financial Holdings has entered its final stage. In March, both shareholders' meetings passed the merger resolution, expected to be completed by the fourth quarter of 2025. According to the exchange ratio, each Jing Cheng Bank ordinary share can be exchanged for NT$26.75 in cash and 1.15 Sinopac Financial shares, with a total consideration of NT$59.9 billion, at a premium of about 8.8%.

After the merger, Sinopac Financial will have 191 branches nationwide, strengthening its southern region presence and overall layout. The sale of Jing Cheng Securities can also be seen as part of the bank's asset clearance and focus on core banking business before the merger.

Jko's Next Step: Creating a Super App with Payment + Securities + Financial Management?

With Jing Cheng Securities now under its umbrella, Jko Pay has obtained a ticket to enter the traditional financial industry, sparking market imagination about its future layout, potentially integrating "payment, account, investment, and financial product purchase" functions to challenge traditional brokers and digital banks.

(Tech Companies Breaking into Banking! Jko Financial Quietly Layouts in Banking Industry, Becoming the Third-Largest Shareholder of Hua Nan Bank)

Jko Pay, which started with mobile payment, has established a solid foundation with merchants through Jko accounts and QR Code payment. Facing competitors like LINE Bank and Rakuten Bank, if Jko successfully integrates securities services, it may capture the financial management market for the new generation of users.