Payments services provider Allied Wallet has taken over Hong Kong-based fintech firm Epayment.

Financial terms of the deal were not divulged.

In announcing the deal, Allied Wallet specifically highlighted Epayment’s ability to connect with users in the region which it believes to be powerful.

Allied Wallet founder Andy Khawaja said: “I knew that if we could combine the products, features, and functionality of Allied Wallet with Epayment, that we would have a leading product and service in Hong Kong.

“We are very happy to have acquired Epayment, and we are excited to provide an even more advanced solution in the region. We look forward to making new announcements as this develops.”

In this context, Allied Wallet said that e-commerce is on the rise in Hong Kong, with 86.3% of the population in the city using the internet.

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Recently, Allied Wallet strengthened its presence in various other markets such as Indonesia, Malaysia, Spain, Vietnam, as well as Peru.

The payment space witnessed various big deals in the recent times.

Last month, Global Payments agreed to buy TSYS in a transaction worth nearly $21.5bn while Visa acquired Earthport.

Earlier this year, FIS agreed to acquire Worldpay for $43bn while Fiserv announced the acquisition of First Data in a $22bn deal.