Singapore-based fintech firm MC Payment is buying a controlling stake in Genesis Payment Solutions – a licensed merchant acquirer for Alipay.
The financial terms of the deal are undisclosed.
The acquisition will give MC Payment direct access to Genesis’ merchant acquiring license with Alipay.
It will also gain access to the company’s book of customers as MC Payments looks to broaden its suite of payment acceptance products and gain new merchant customers in Singapore.
Enabling retailers to accept payments from China’s Alipay mobile wallet, Genesis will continue to operate as a standalone business.
It claims to have acquired hundreds of merchants to the platform since launching in 2014.
Alipay is owed by Ant Financial, which was valued at more than $60bn after raising a $4.5bn investment in 2016.
The firm was spun out of Chinese e-commerce giant Alibaba and continues to serve the online retailer.
MC Payments says it will add further value to Genesis by integrating its technology, operations and regional business networks to grow the business across Singapore, Malaysia, Thailand, Indonesia, Hong Kong and Australia.
Genesis’ founder Jong Kim Poh will remain at the helm while also joining MC Payment’s senior management team.
He said of the deal: “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.”
MC Payment’s group CEO and founder Anthony Koh said: “The opportunity to partner with Genesis and Alipay in providing value to new and existing merchants is an exciting one.
“I am confident that together, we can strengthen MC Payment’s position as a regional acquirer.”
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