PalmPay plans Hong Kong IPO to fund global expansion

African fintech PalmPay, backed by Taiwanese chipmaker MediaTek, is exploring an initial public offering in Hong Kong. The company is working with advisers on a potential listing, though details on size and timing remain unsettled and will depend on market conditions and regulatory approval.

A Hong Kong listing would serve as a hub for PalmPay’s cross‑border financial infrastructure, linking African and Asian markets. Founded in 2019, PalmPay has grown from a Nigerian mobile‑payments startup into a broader digital financial services platform that offers payments, transfers, savings, lending and smartphone financing to underserved consumers across Africa and parts of Asia.

The IPO is intended to raise fresh capital for geographic expansion, product development and acquisitions as competition intensifies among fintech firms serving Africa’s rapidly growing digital economy. The move follows a recent agreement with Hong Kong’s Office for Attracting Strategic Enterprises, which designates the city as the base for PalmPay’s global operations.