DigiAsia Corp (NASDAQ: FAAS)

Korean Name: 디지아시아
Exchange: Nasdaq (NAS)
Ticker: FAAS

Company Overview

DigiAsia Corp is a Fintech-as-a-Service (FaaS) provider that operates under a B2B2X model in emerging markets. The company focuses on embedding financial services into the workflows of small and medium-sized enterprises (SMEs) and distributors by providing access to digital financial solutions, including cashless payments, digital wallets, remittances, and banking licenses. As of May 30, 2025, FAAS shares are traded on Nasdaq.

Stock Snapshot (as of 2025-05-30)

Corporate Structure

• Employee Count: 51–200
• Leadership Expertise:
  • Business strategy and SPAC experience
  • Expertise in IoT, ICT, and AI digital transformation
  • Human resources and organizational development
• Headquarters: New York, New York, with an operational presence in Southeast Asia and India

Developments and Announcements

• September 24, 2024 – PayMate India enters a binding term sheet for the potential acquisition of DigiAsia Bios Pte Ltd (a wholly-owned subsidiary of DigiAsia Corp) at an enterprise valuation of $400 million. PayMate plans to invest up to $25 million in cash. The transaction is expected to undergo due diligence and regulatory approval within 60 days, with plans to list the combined entity in India by 2025.
• April 30, 2025 – DigiAsia files a Form NT 20-F, notifying Nasdaq of its inability to timely file the annual report for the year ended December 31, 2024.
• May 9, 2025 – Form 6-K details amendments to forbearance agreements related to Class A and Class B convertible promissory notes totaling $8.86 million, along with adjustments to share issuances.
• May 19, 2025 – The Board of Directors approves a strategy to establish a Bitcoin treasury reserve, committing up to 50% of net profits to BTC acquisition. The company is exploring a capital raise of up to $100 million for initial BTC purchases and yield-generating partnerships.
• May 21, 2025 – Form 6-K reports non-compliance notices from Nasdaq for not filing Form 20-F and interim 6-K filings. DigiAsia intends to complete all required reports within Nasdaq’s 180-day compliance window.

Financial and Strategic Analysis

Key Financial Metrics (Trailing Twelve Months)

Strategic Initiatives

• Acquisition by PayMate: Anticipated to expand market share in Indonesia and establish a public listing in India.
• Bitcoin Treasury Reserve: Aligns with trends in institutional adoption of digital assets and aims to enhance treasury returns through yield strategies.
• Debt Restructuring: Amendments to convertible notes and forbearance agreements are implemented to manage liquidity and enhance investor relations.
• Regulatory Compliance: Ongoing efforts to finalize and submit Form 20-F and 6-K filings to fulfill Nasdaq compliance requirements.

Market Position and Industry Context

• Business Model: B2B2X embedded finance aims to enhance financial inclusion for underbanked merchants and consumers in emerging economies.
• Competitive Landscape: Operates in competition with regional and global fintech platforms that offer digital wallets, payment gateways, and banking APIs.
• Partnerships:
  • Collaboration with PT Jalin Pembayaran Nusantara, a state-owned enterprise in Indonesia, to leverage a network of over 52,000 ATMs and 1 million merchants as part of the Blueprint Indonesia Payments System 2030.
• Growth Drivers:
  • Increasing demand for digitalized B2B payment solutions
  • Expansion of AI-driven financial services in Southeast Asia, India, and the Middle East

tl;dr

• FAAS shares closed at $1.3548 on May 30, 2025, reflecting a 26.62% increase.
• On September 24, 2024, PayMate agreed to acquire DigiAsia Bios Pte Ltd at a $400 million valuation, with plans for a 2025 India listing.
• On May 19, 2025, the Board approved allocating up to $100 million toward establishing a Bitcoin treasury reserve.
• Nasdaq compliance notices on April 30 and May 21, 2025, require DigiAsia to rectify delinquent reports within a 180-day timeframe.
• Amendments to convertible notes on May 9, 2025, involved restructuring $8.86 million in debt.