Korvac receives S$30mln investment from Ingenico

Ingenico poised to tap synergies to expand product offerings and operations in Southeast Asian market.

Korvac is the holding company of Card Alliance Pte Ltd and PaymentLink Pte Ltd (a JV with Mitsui & Co.). The Group provides a full range of payment services including PIN-based debit services through the EPINS network and non-transit payment using ez-link and concession cards. In addition to payment services, the Group provides an extensive suite of merchant related services from regional payment infrastructure, transaction acquiring and processing, loyalty programmes, private label authorisation systems and consumer data analytics.

Ingenico is the world’s leading player in the secure electronic payments industry, with over 15 million electronic payment terminals deployed across 125 countries, according to a Korvac report.

Mr. Jeremy Tan, Chief Executive Officer of Korvac, said, “We are delighted to announce Ingenico’s strategic investment of S$30 million in Korvac. With Ingenico as our strategic partner, Korvac is poised to harness the synergies in both our businesses to strengthen our product offerings. This will enable the Group to aggressively expand our services to further tap the tremendous growth potential of the payment and merchant market in Asia.”

Philippe Lazare, CEO of Ingenico, commented: “Our investment in Korvac is a perfect fit within the strategy of Ingenico, in the large and growing payment market in Asia. We have identified potential synergies with our other activities and will benefit from the strong presence of Korvac covering the whole payment value chain across South East Asia”.

The investment gives Ingenico a 49% stake in Korvac.