VCI Global partners with Oobit to develop crypto payment rail

KUALA LUMPUR - VCI Global Limited (NASDAQ:VCIG) announced Tuesday a strategic partnership with digital payment enabler Oobit to develop Voobit, a new payment infrastructure allowing merchants to receive instant fiat settlement from cryptocurrency payments without traditional intermediaries. The $7.59 million market cap company, which boasts a "GREAT" financial health score according to InvestingPro data, appears undervalued based on multiple metrics.

The collaboration aims to expand crypto-to-fiat settlement services across ASEAN markets, with Voobit designed to operate independently of traditional card networks and acquiring banks. The system will process payments in USDT, Bitcoin, and Ethereum with instant conversion to local currencies. With a strong current ratio of 2.3 and more cash than debt on its balance sheet, VCIG appears well-positioned to fund this expansion initiative.

According to the announcement, Voobit’s rollout is targeted for early 2026 across Malaysia, Singapore, and Indonesia. The initial phase will leverage Oobit’s existing infrastructure, which currently uses Visa and Mastercard rails for settlement.

"We’re excited to expand our footprint across ASEAN together with VCI Global. Voobit represents the evolution of global payments, offering instant, borderless, and efficient solutions," said Amram Adar, Founder and CEO of Oobit.

The partnership will focus on accelerating merchant onboarding and enterprise integrations, particularly targeting small and medium enterprises in ASEAN markets. VCI Global will support Oobit in securing market access in key ASEAN jurisdictions and ensuring regulatory compliance.

"Our goal is to solve real payment challenges for SMEs across ASEAN," said Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global, in the press release statement.

Oobit’s platform is already operational in multiple regions and is backed by institutional investors including Tether, CMCC Global, and 468 Capital, according to the company’s announcement.

In other recent news, VCI Global Limited has announced several significant developments. The company is set to distribute a 10% stake in its cybersecurity and AI subsidiary, V Gallant Limited, to shareholders as a special dividend, marking the first step toward a potential Nasdaq IPO. This strategic move follows the company’s acquisition of approximately $100 million in OOB tokens, in partnership with Tether, which will make Tether the largest shareholder in VCI Global. The acquisition includes $50 million in OOB tokens purchased through restricted shares and an additional $50 million to be acquired with cash.

Furthermore, VCI Global has commenced a share repurchase program under existing authorization, aiming to optimize its capital structure. In a separate development, Victor Hoo, the company’s Group Executive Chairman and CEO, has increased his ownership stake through open-market purchases. These transactions were completed in compliance with U.S. securities regulations. These recent activities highlight VCI Global’s strategic initiatives in expanding its market presence and optimizing shareholder value.

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