One of Singapore’s oldest fintech company, e-payments firm MC Payment — founded in 2005 — has announced it has taken a controlling stake in Singapore-based Alipay enabler Genesis Payment Solutions (Genesis).
This deal will see MC Payment integrate Genesis’s technology and merchants, such as Metro Department Store, into its platform. It will also bring on board Jong Kim Poh, Founder and MD of Genesis, to join its senior management team. Poh will remain in control of Genesis, and the company will continue to run as a standalone business.
Additionally, through the adoption of major Chinese e-wallet Alipay, MC Payment will gain access to the large Chinese commerce market in key regional countries such as Singapore, Malaysia, Thailand, Indonesia, Hong Kong and Australia.
“MC Payment is one of the fastest growing Fintech payment companies in Asia and I am honoured to be part of the team. Their strong reputation and operational strength, coupled with our status as an Alipay acquirer represents significant growth opportunities for MC Payment in the region,” said Poh in an official press statement.
Chinese tourist spending in APAC has grown at 26 per cent over the last seven years, bringing in a revenue of US$45 billion in that period. Coupled that with Alipay’s pool of 500 million users, MC Payment’s influence over of Asia’s increasingly competitive payments space looks to make significant growth.
“The opportunity to partner with Genesis and Alipay in providing value to new and existing merchants is an exciting one, and I am confident that together, we can strengthen MC Payment’s position as a regional acquirer,” said Anthony Koh, Founder and Group Chief Executive of MC Payment, in an official press statement.
In the past year, MC Payment has made several strides in terms of investment. In August, it raised US$4.5 million in a Series B round led by Asia-focused private equity firm ESW Manage along with private investment firm, DZW Capital. Participating investors include Singapore-based VC and private equity firm Golden Equator Capital. Just three months later, it secured a US$3.52 million investment from Thailand’s 2W Group.
It also launched two new offices in Bangkok and Bali.
Image Credit: MC Payment