- Completed divestment of 68.4% of shareholdings in Bank Danamon, across 3 tranches since 2017.
- Dunia Finance was renamed Deem Finance.
- FICC digital platform scaled up to close to 30 fintech partnerships.
- Digilink launched the auto insurance product and virtual credit card product.
- Successfully developed and set up Digilink, a digital lending hub in Shanghai.
- BOCF successfully acquired an additional 27 CCB sponsored Village Banks.
- Completed the 33% investment in LendingKart, India’s leading fintech company using big data analytics to assess borrower creditworthiness.
- BOCF became the largest village banking network in China, with the acquisition of 15 village banks and additional 35 village bank sub-branches.
- Merger of NIB with MCB.
- In partnership with Canadia Group, set up and launched Darapay, an e-wallet company in Cambodia.
- Completed Series B investment in Instarem.
- Completed acquisition of Funan Microfinance and successful integration as a subsidiary under Cambodia Post Bank.
- FCS launched a fully online lending business.
- BOCF embarked on inorganic opportunities to acquire stakes in 15 community banks from China Development Bank.
- In Cambodia, FFH expanded its reach by acquiring Funan Microfinance Plc through CP Bank. FFH expanded its digital footprint by partnering portfolio and fintech companies to lead digital innovations.
- FFH invested in InstaRem, a fintech company focused on remittances. Fullerton Myanmar embarked on expanding its branch network into 48 new townships.
- FFH joined as a partner of World Bank/IFC-led Universal Financial Access, which is committed to enabling 1 billion people gain access to transaction accounts through targeted interventions by 2020.
- FFH expanded its network through addition of licenses and branches in Fullerton Credit, BOCF, Fullerton India, CP Bank and Fullerton Myanmar.
- Fullerton India launched a Housing Finance subsidiary, under the branding of GRIHASHAKTI across 20 cities.
- FFH divested MDB.
- Fullerton Finance Myanmar Co Ltd (Fullerton Myanmar) was established. Within four months of obtaining its microfinance license, Fullerton Myanmar began operations with six branches.
- FFH divested FICGC.
- FFH and its joint venture partners launched Cambodia Post Bank (CP Bank) after receiving a new commercial bank license. The bank serves SME and micro businesses in Cambodia.
- Dunia Services LLC was established by FFH and other shareholders of dunia to offer consultancy services to financial institutions seeking to leverage dunia’s and FFH’s expertise in mass market lending.
- Bank of China and FFH launched a joint venture, BOC Fullerton Community Bank (BOCF); with 18 village banks built throughout the year.
- FFH invested in Mekong Development Bank (MDB) and signed a Technical Services Agreement with MDB to provide strategic support in technology and risk management.
- Fullerton Credit Ltd (Fullerton Credit) opened in Chengdu, China, as a microfinance business focused on lending to mass market individuals and smaller SMEs.
- FFH invested in Dunia Finance LLC (dunia), its first investment in the Middle East, to serve SME and mass market salaried consumers.
- In September, Fullerton Investment and Credit Guarantee Company (FICGC) opened its first branch as China’s first nationwide SME credit guarantee business.
- FFH divested BII.
- Fullerton India launched Gramshakti (Rural) Business, a multi-product rural finance operation which by December 2016 had grown to 301 branches across 11 states in India, covering more than 51,000 villages.
- FULLERTON FINANCIAL HOLDINGS PTE LTD (FFH) AFH was renamed Fullerton Financial Holdings Pte Ltd (FFH), after Robert Fullerton, the first Governor of the Straits Settlements, reflecting the pioneering nature of FFH’s work.
- Fullerton India Credit Company Ltd (Fullerton India) was established to serve the demands of a growing middle class.
- AFH invested in NIB Bank Limited to provide financial services to Pakistan, the world’s sixth most populous country and in Alliance Bank Malaysia Berhad, to benefit from and contribute to the economic growth and development of Malaysia.
- AFH was selected as strategic investor into China to invest up to 5% stake in both China Construction Bank (CCB) and Bank of China (BOC) prior to its international IPO.
- AFH entered into motorcycle and white goods financing through the acquisition of PT Adira Dinamika Multi Finance Tbk by Danamon. The first mass market model (Danamon Simpan Pinjam) was also created, primarily serving stall holders in Indonesia’s wet markets.
- In January, Asia Financial Holdings (AFH) Pte Ltd was incorporated in Singapore, wholly owned by Temasek Holdings Pte Ltd. Indonesia
- AFH acquired PT Bank Danamon Tbk (Danamon) and PT Bank Internasional Indonesia Tbk (BII) from the Indonesian Bank Restructuring Agency.
- It also acquired over 5% stake in ICICI Bank Limited, an exception granted by the Reserve Bank of India.