Asian Tech Press (Oct 13) -- Hong Kong billionaire Richard Li's Hyphen Group is reportedly in advanced talks to go public through a merger with a Nasdaq-listed SPAC.

Hyphen Group, a Hong Kong-based financial technology company, founded by PCCW (0008.HK) Chairman Richard Li, is in advanced talks to go public through a merger with special purpose acquisition company (SPAC) Provident Acquisition Corp. (PAQCU), Bloomberg said Wednesday, citing people familiar with the matter.

The deal could value the combined company at about $1 billion and could also include an investment of about $100 million from institutional investors through a PIPE, a private investment in public equity, people familiar with the matter said.

The sources added that negotiations are at an advanced stage and are expected to have a chance to announce details by the end of this year, but could be delayed or even break down.

Hyphen is a fintech company that focuses on the Southeast Asian market, using technology to assist users in finding the right credit cards, personal loans and other financial products, with platforms such as MoneyHero, MoneyGuru and CompareHero.

The company currently has a presence in Hong Kong, Singapore, Taiwan, Malaysia, the Philippines and Thailand, with over 1,500 products and more than 10 million monthly active users.

Provident, a Cayman-based SPAC founded by low-profile Indonesian tycoon Winato Kartono and Michael Aw, launched its IPO on NASDAQ earlier this year, raising $230 million at the time, with plans to invest in consumer technology companies in Southeast Asia through mergers or acquisitions.