South Africa-based Net1 Set to Acquire Bank Frick

South African-based Net1 UEPS Technologies is set to acquire a major stake of Bank Frick, the Liechtenstein independent family-run owned financial institution. This is in a bid to expand its fintech, payments and blockchain services.

Net1 UEPS technologies is a fintech company that provides transaction processing solution through smart card-based alternative payment system for the unbanked and under-banked population. They provide this service through their universal electronic payment system – UEPS.

Net1 business with Bank Frick began in 2018 with a first hand 35% share hold. This will increase to 70% when the new share is approved by Liechtenstein Financial Market in 2020.

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Overtime, Bank Frick has established itself as leading crypto and blockchain-friendly bank in Europe. It has also invested in several related products and custodial arrangements. It is recognized for its advisory service on virtual financial assets exchanges and virtual currency operators.

Net1’s CEO, Herman Kotze stated that its company leverage Bank Frick’s influence in Europe technology and banking services for SMEs.

Herman further noted that the Bank’s strong CHF 90 million Tier 1 capital, Visa and MasterCard memberships, pan-European universal banking license and recognized leadership in banking services will meaningfully increase the complementary offerings of both fintech businesses.

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