eTech S.C., a newly formed tech firm with 200 million Br in capital, was launched at the end of last week. The company has already secured four licenses to get involved in cybersecurity, software development, infrastructure, e-commerce, fintech and telecom services. During its establishment, it has offered two million shares for sale with a par value of 100 Br. Potential shareholders were required to buy a minimum of 350 shares to participate in the new venture. So far, it managed to raise 160 million Br in capital. The idea for the firm was first brought up sometime in mid-2020, and the company was formed through the efforts of more than 200 founding members, many of whom have extensive tech backgrounds working for firms such as Amazon and Microsoft. In the past year, the government has passed laws governing e-transactions, including an agent banking directive and a payment license directive, as part of the effort to digitise operations and the need for an operating digital platform due to the Novel Coronavirus (COVID-19).
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