South Korea’s UTC Investment Co., owned entirely by Daesang Group honorary Chairman Lim Chang-wook, acquired VNPT Electronic Payment JSC (VNPT Epay) from VMG Media Group at around 40 billion won ($33.8 million).

According to local media and the investment banking industry in Vietnam on Sunday, UTC Investment has agreed to purchase a 62.5 percent stake in VNPT Epay along with the management rights from VMG Media Group at around 40 billion won. Vietnam Posts and Telecommunications Group (VNPT) will continue to hold the remaining stake in the firm.

VNPT Epay is a leading electronic payment services provider in Vietnam, with its annual average transaction reaching 500 billion won, according to sources.

UTC Investment’s buyout of VNPT Epay comes after the electronic payment market in Vietnam has risen rapidly in the recent years.

Other global investment firms are also eyeing the burgeoning market. Standard Chartered Private Equity and Goldman Sachs invested around $28 million in MoMo, Vietnam’s mobile e-wallet and over-the-counter remittance and payment platform, in March this year.

By Kang Doo-soon and Lee Sae-bom

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