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Singaporean fintech firm MC Payment takes controlling stake in Genesis

Singapore-based fintech company MC Payment announced that it has taken a controlling stake in Alipay merchant acquirer – Genesis Payment Solutions.

“MC Payment is one of the fastest growing Fintech payment companies in Asia and I am honored 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,” Jong Kim Poh, Genesis’ Founder and Managing Director, stated. Jong will remain in charge of the company and also join MC Payment’s senior management team.

The deal between the companies will offer the fintech direct access to Genesis’ merchant acquiring license with Alipay. The deal will also provide access to its plethora of customers in order to widen its suite of payment acceptance products, and thus gain new merchant customers in the region.

The fintech company MC Payment will utilize its regional business network to grow the newly acquired business in key target markets across Singapore, Malaysia, Thailand, Hong Kong, Indonesia and Australia.

“I am very pleased to have Jong – previously the Head of Merchant Acquisition at DBS – on board as part of the MC Payment senior management team. 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,” Anthony Koh, Founder and Group Chief Executive of MC Payment, said.

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June 28 15:30 UTC Released

BRForeign Exchange Flows*

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-5.279 bln

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-3.401 bln

June 28 14:30 UTC Released

BRBank Lending MM*

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-0.2 %

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-0.2 %

June 28 19:00 UTC 201201m

ARBank Lending MM*

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1.9 %

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0.8 %

June 28 21:00 UTC 321321m

KRBOK Manufacturing BSI*

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82 bln

June 28 23:50 UTC 491491m

JPForeign Bond Investment

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2.6 bln JPY

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3.2 bln JPY

June 28 23:50 UTC 491491m

JPForeign Bond Investment

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1090.1 bln JPY

June 28 23:50 UTC 491491m

JPForeign Invest JP Stock

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-331.6 bln JPY

June 28 23:50 UTC 491491m

JPForeign Bond Investment

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1090.1 bln JPY

June 28 23:50 UTC 491491m

DERetail Sales YY

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2.6 %

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3.2 %

June 28 23:50 UTC 491491m

JPForeign Bond Investment

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Previous

1090.1 bln JPY

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