Hong Kong-based fintech holding company Payment Asia Group has announced two developments to support its North American expansion.
The company’s Canadian unit, AlphaPay, has completed the acquisition and integration of Motion Pay, another Canadian payment service provider.
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Separately, Payment Asia Group has secured a Money Services Business (MSB) licence in the country.
In a statement, the company said the MSB licence adds to Payment Asia Group’s “compliance foundation” as it grows its payment operations and cross-border services in Canada and the wider North American market.
The company also described the Motion Pay acquisition as an “important milestone” in its international growth plans.
The deal brings together Motion Pay’s merchant network, operational experience and market presence with AlphaPay’s existing platform. According to the company, this combination is intended to improve support for merchants operating across various sectors in Canada.
“As the global payment landscape continues to evolve, merchants face growing demands for security, compliance and scalability,” the statement said.
“AlphaPay remains committed to providing a unified access platform covering major global payment methods, including international digital wallets such as WeChat Pay, Alipay and UnionPay, as well as local payment systems including Visa, Mastercard, Interac and Apple Pay.
“The combined business will further enhance AlphaPay’s merchant-service capabilities, platform functionality and payment infrastructure, supporting local transactions and cross-border business scenarios.”
Following the deal, AlphaPay will continue to invest in technology, compliance infrastructure and merchant support as part of its expansion across Canada and North America.
Payment Asia Group founder and chairman Kenneth Lai said: “AlphaPay’s completion of the Motion Pay acquisition and integration, together with Payment Asia Group’s recent Canadian MSB licence, represents an important step in our North American growth journey.
“These milestones align with our vision of building a connected, compliant cross-border payment ecosystem that empowers merchants to thrive in an increasingly globalised marketplace.”
