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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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