• Register
Return to: Home > News > MC Payment buys controlling stake in Genesis Payment Solutions

MC Payment buys controlling stake in Genesis Payment Solutions

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.”

Top Content

  • Developing markets mimic China, choosing QR over NFC

    China has shown that QR-based mobile payments solutions can be a storming success and other regions are taking note. If the adoption of QR code-based solutions continues to spread across developing countries, the most interesting fight in the payments space will be NFC vs. QR, not Cards Vs. Cash, says GlobalData Financial Services

    read more
  • Cracking China from Down Under

    Melbourne-based Airwallex has ambitious plans to be the first e-commerce gateway into China, and by all accounts is on course to do so. Anna Milne caught up with its global head of partnerships to find out how hard it was to crack China, disrupting SWIFT, and why he thinks the future of many things is WeChat

    read more
  • Morning highlights from HPS PowerCARD user conference

    Mohamed Horani's (CEO HPS) opening address was one of the few of its kind to reference how increasingly shared data in the digital world may negatively impact societal development.

    read more
  • New quid on the block- a sterling effort?

    The Bank of England has issued a new one pound coin which it claims is the most secure coin in the world. Its 12-sided, bimetallic, latent-imaged, micro-lettered, milled-edged, hidden high security-featured self is now legal tender and coming to a shop near you. Anna Milne asked some payments bods for their thoughts

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.