Singapore-based MC Payment has acquired a controlling stake in Genesis Payment Solutions, which is licensed by Alipay to acquire merchants on its behalf.
The deal will give MC Payment access to the large Chinese commerce market in key regional countries such as Singapore, Malaysia, Thailand, Indonesia, Hong Kong and Australia.
MC Payment will embed Genesis’s technology and merchants, such as Metro Department Store, Sincere Fine Watches, Risis and OSIM International, into its platform.
Under the agreement, Genesis will continue to operate as a standalone business and its founder and managing director Jong Kim Poh will remain in charge of the company. He will also join MC Payment’s senior management team.
MC Payment founder and group CEO Anthony Koh said: “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.”
Poh said: “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.”