First Data Corporation acquired full ownership of the Merchant Solutions joint venture from Standard Chartered Bank on May 31, 2013. The joint venture was first established in 2007. As part of this agreement, Standard Chartered will continue to work with Merchant Solutions as its sponsoring bank.
“The payments landscape is experiencing exciting transformation and significant growth, and taking a 100 percent stake in First Data Merchant Solutions strategically positions us to better serve some of our most important Asia Pacific markets and grow well into the future,” said Marc Mathenz, senior vice president and head of First Data’s Asia Pacific region. “We are committed to offering innovative and relevant products and services to our clients reaching beyond traditional merchant acquiring services to include mobile commerce, eCommerce, integrated solutions, and value-added services like fraud detection and prepaid cards.”
“Merchant acquiring has become very specialized and is an industry that continues to develop rapidly. This transaction allows our clients to be better served by a specialist partner with the depth of expertise needed to maintain high service levels in a fast-evolving area,” said TS Anil, Global Head Credit Cards, Personal Loans and Deposits, Standard Chartered Bank.
Source: The Asian Banker