Singapore (DealStreetAsia) – SGX-listed Artivision Technologies has agreed to buy local fintech firm MC Payment for a minimum of S$80 million ($59 million), the companies announced, in what will be amongst the largest exits amongst startups in this space in the city-state.
Following the announcement, the Artivision stock surged on the SGX on Wednesday. At the time of writing, it was trading at 1.9 Singapore cents, up 11.76 per cent.
MC Payment, which had earlier this year taken a controlling stake in Genesis Payment Solutions (Genesis) that is licensed by Alipay to acquire merchants on its behalf, is a leading provider of omni-channel and omni-payment solutions in the Asia Pacific region, with presence in Singapore, Malaysia, Hong Kong, Thailand, Indonesia, Australia and Cambodia. Its strategic partners in the region include Cambodia’s Soma Group, Sri Lanka’s Frostaire and Indonesia’s Sinar Mas Group.