HeiTech Padu acquires 30% stake in Islamic payment firm Souqa Fintech

Malaysia-based technology firm HeiTech Padu has announced plans to acquire a 30% stake in Islamic payment provider Souqa Fintech for MYR16.17m (USD3.94m). According to a bourse filing, Souqa Fintech will use the proceeds to hire key personnel, develop payment partnerships, upgrade technology, and expand marketing and business development efforts. This acquisition aligns with HeiTech’s strategy to deepen its presence in the digital and fintech sectors alongside its traditional contracting business. Souqa Fintech, known for its Shariah-compliant PayHalal platform, is poised to enhance HeiTech’s offerings in the growing Islamic fintech market in Southeast Asia. The deal will be funded through HeiTech’s internal resources, with Souqa Fintech becoming a 30%-owned associate company upon completion.