KUALA LUMPUR, April 16 — Asad Capital, a leading investment firm, has announced its acquisition of a majority stake in Souqa Fintech, a non-bank financial institution specialising in merchant acquiring services, and PayHalal, the world’s first Islamic payment gateway, after buying out Tan Sri Mirzan Mahathir’s interest in both entities.
In line with this development, Pat Salam Thevarajah will step down as CEO of PayHalal to take on the role of Chairman at Asad Capital.
In his new position, he will focus on driving innovation in financial technology, including leveraging artificial intelligence in legal applications, advancing Smart City super apps, and exploring opportunities in the media and entertainment industry.
Pat’s career spans diverse sectors, including banking, finance, petroleum, and media, with significant contributions across each field. His leadership is expected to guide Asad Capital towards further success in the financial technology sector.
Asad Capital is also exploring initiatives in other industries, such as developing advanced EV charging stations aimed at transforming energy consumption and sustainability.
The firm expressed excitement about the opportunities arising from its partnership with Souqa Fintech and PayHalal, highlighting the potential to disrupt industries and shape the future of financial technology through shared expertise and resources.
