Singapore-based MC Payment announced today it has acquired a controlling stake in Genesis Payment Solutions.
Genesis is a Singaporean payments company that is licensed by Alipay to acquire merchants for the Chinese online payments provider. It also helps businesses adopt payment methods by Global Payment Asia Pacific, Wirecard Singapore, and American Express.
The terms of the deal are undisclosed. MC Payment chief investment officer David Wang tells Tech in Asia the acquisition was made with a combination of cash and MC Payment shares.
Through the deal, MC Payment gains access to Genesis’ clients, mostly small- and medium-sized enterprises, as well as the firm’s merchant-acquiring license with Alipay.
“Chinese outbound tourists to the Asia-Pacific region have been growing at 26 percent the past seven years, with yearly expenditure at US$45 billion,” David says. “This is a great partnership for MC Payment to grow our payment solution products and aggressively target new merchants.”