Financial terms of the acquisition was undisclosed.
The deal gives MC Payment direct access to Genesis’ merchant acquiring license with Alipay as well as its book of customers as it looks to broaden its suite of payment acceptance products, and gain new merchant customers in the region.
MC Payment was founded in 2005 and since then has opened new offices in Bangkok and Bali, following it raising of a $4.5 million Series B investment and an additional $3.5 million to finance its expansion.
MC Payment’s chief investment officer, David Z Wang, said, “Chinese outbound tourists to the Asia-Pacific region have been growing at 26% the past seven years with yearly expenditure at US$45 billion1. Alipay has almost 500 million users now and this is a great partnership for MC Payment to grow our payment solution products and aggressively target new merchants.”
Genesis enables retailers to process payments from Chinese tourists using the mobile payment eWallet provider Alipay. It will continue to operate autonomously, with MC Payment adding value by integrating its technology and operations and leveraging its regional business network to grow the newly acquired business in key target markets: Singapore, Malaysia, Thailand, Indonesia, Hong Kong and Australia.
Jong Kim Poh, Genesis’ founder and Managing Director, will remain in charge of the company and also join MC Payment’s senior management team.
Anthony Koh, Founder and Group CEO of MC Payment 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.”
Since its inception in 2014, Genesis has acquired hundreds of merchants that now accept Alipay as a payment method. These merchants include Metro Department Store, Sincere Fine Watches, Risis and OSIM International.
With the Alibaba acquisition of Singapore-based Lazada being part of a larger strategy to entrench itself in Southeast Asia as it gears up to compete with Amazon, this acquisition reflects a realisation of the e-commerce environment in the region and a determination to capitalise on it.