~“DG Financial Technology, Inc.” to be the core for accelerating group growth~
As previously announced, we change the name of our consolidated subsidiary and core payment subsidiary, VeriTrans, Inc. (VeriTrans), to “DG Financial Technology, Inc. (DGFT)” on April 1, 2021.
Over the past 20 years since the dawn of the Internet, our payment business has been providing a safe and secure payment infrastructure for both Card-Not-Present and face-to-face transactions while taking on the challenge of various “Japan’s firsts,” and has grown to become a company designated as a critical infrastructure by the government, handling approximately 3 trillion yen in annual transaction volume and 600 million transactions per year.
On February 25, 2021, as the first phase of “DG FinTech Shift,” a group strategy that integrates payments and data, 2 of the core subsidiaries of DG’s Financial Technology (FT) business, DGFT (formerly Veritrans) and ECONTEXT, INC. (ECONTEXT) announced the business merger of absorption split company. With this second phase of the “DG FinTech Shift,” the DG Group takes the opportunity to redefine the FT business as the core recurring business of the DG Group, both in name and in reality. DGFT will take the lead in accelerating and driving the DG Group strategy, “DG FinTech Shift.”
With an eye on development across the DG Group, DGFT will be the leader in the creation of value-added businesses to support Japan as a cashless nation by utilizing the strong payment infrastructure of the FT business and collaborating with a number of partner companies in FinTech-related industries. At the same time, in order to create new businesses, we will steadily promote a reorganization that will accelerate the development of new financial services by improving the efficiency of the main technology platforms, management resources, development investments, and corporate operations of both DFGT and ECONTEXT.
Further, DGFT will strategically integrate with the MT (Marketing Technology), IT (Incubation Technology), and LTI (Long-term Incubation) segments within the group. We will continue to contribute to the development of a sustainable society as a useful infrastructure business by accelerating and driving the “DG FinTech Shift,” an evolution from the current payment business to the next generation business utilizing data.
As the “DG FinTech Shift” gets launched in earnest, please watch the latest clip that summarizes the history of the DG Group’s payment business and the concept of the “DG FinTech Shift.”
Please look forward to the future of the “DG FinTech Shift,” which will be further accelerated by the united efforts of the entire DG Group. As a company that creates useful “context” for the world, the DG Group will continue to contribute to global society through the “DG FinTech Shift,” a group strategy that integrates payments and data.
We look forward to the continued support and encouragement of our stakeholders, including our shareholders.