The transaction will help the group to gain foothold in the Asia-Pacific online payment space, dealstreetasia.com reports. Following the deal, iPay88, which is in the online payment service and payment solution provider space in Malaysia, will be integrated into NTT as a subsidiary, the group said in a statement on its website, the source cites.
NTT Data stated that it is seeking to develop business synergies leading to further expansion of business in the payment field in the Malaysia market and the Asia-Pacific region by utilising the combination of NTT Data’s IT solutions centered around the CAFIS (Credit And Finance Information System) with iPay88’s online payment business processing systems for merchants and financial institutions as well as its strong customer base.
The integration of both companies’ solutions will enable NTT to co-offer multiple advanced-and-competitive electronic payment services. The reason for the acquisition was to adapt to the needs of iPay88’s clients who are going global as well, the source cites, quoting an official of NTT Data.
The acquisition will also give iPay88 access to technological advancement and a newer research and development (R&D) house. iPay88, established in 2006, is an online payment service and payment solutions provider for merchants. It partners multiple financial institutions in Malaysia. The payment business is now focusing on mobile POS systems to capture card present transactions as value-added services in markets to expand business in line with direction of building a cashless society.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now