BPI, GPN form JV for merchant acquiring biz

Aiming to scale up its merchant acquiring business, Bank of the Philippine Islands (BPI) has entered into an agreement to form a joint venture with the US-based payment services firm Global Payments Inc (GPN).

Under the agreement, BPI will acquire 49 per cent stake in GPN’s local subsidiary Global Payments Asia Pacific-Philippines Inc (GDAP), the bank said in its disclosure to the Philippine Stock Exchange (PSE).

BPI said the joint venture will strengthen its position in the merchant acquiring industry, adding that the company will further benefit from GPN’s robust infrastructure and global expertise.

BPI president and CEO Cezar Consing said that the partnership will deliver superior technological and operational efficiency benefiting BPI customers. “This joint venture marks an exciting new phase for the country’s merchant acquiring space. There is great growth potential in the payments industry and we look forward to continue building our capabilities to enhance the relevance and value we provide to our customers,” Consing said.

GPN’s chief executive officer Jeff Sloan said the JV is part of the company’s business strategy to drive sustainable growth by expanding strategic relationships and distribution in Asia. “This new partnership will allow us to leverage our strengths and provide a superior product and service offering in the Philippines, the fastest growing market in Asia,” Sloan said.

Founded in 1851, BPI remains one of the largest universal banks in the Philippines with distribution network spread both in the domestic market as well as abroad. The bank currently has 6.8 million customers through its network of more than 800 branches, over 2,500 automated teller machines nationwide and close to 30,000 point-of-sale terminals.

Image: Freedigitalphotos.net

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.