DigiAsia Bios Pte Ltd signed a binding business combination agreement to acquire StoneBridge Acquisition Corporation (NasdaqCM:APAC) in a reverse merger transaction on January 5, 2023. The Transaction values the combined company at a pre-money equity valuation of $500 million. Upon completion of the Transaction, the combined company will be named DigiAsia and will trade on The Nasdaq Stock Market under the ticker symbol ‘FAAS'. All current shareholders of DigiAsia including Mastercard (NYSE:MA) and Reliance Capital Management (RCM) will roll over 100% of their equity. DigiAsia has also secured a partnership with DBS Bank Ltd and Southeast Asia, on Oct 31st, 2022, to disburse loans to DigiAsia's lending marketplace via its KreditPro platform. The business combination agreement, which has been approved by the Board of Managers of DigiAsia and by the Board of Directors of APAC, is expected to close during the second quarter of 2023, subject to the approval of the shareholders of APAC and other customary closing conditions.

Michael J. Blankenship, Louis B. Savage, James Brown, Dean Hinderliter, Emily Barrera, Jonathan Bodle, John Niedzwiecki, Christine Olivo, Alexandra Santana and Ben Smolij of Winston & Strawn LLP is acting as legal advisor to StoneBridge Acquisition Corporation and Norton Rose Fulbright US LLP is acting as legal advisor to DigiAsia Bios Pte Ltd in this transaction.