Russia’s LifePay enters South East Asia with iboxPro acquisition

Russia’s largest mPOS (mobile points of sale) service, LifePay, has entered the Southeast Asian market with its acquisition of iboxPro, which operates in Vietnam, Indonesia and Thailand. This acquisition serves as a base for further expansion into other ASEAN markets.

ibox was a brand created by international group of companies, with head office in Hong Kong.

Merging to create a new company, LifePay Global will now be Singapore-based, with its services available in Vietnam, Indonesia, Thailand and Russia. The company will have its official launch in London on 10 February, at Finovate Europe 2015.

With more than 20,000 customers and 50,000 active mPOS readers in use, LifePay Global is positioned to process $4 million of transactions monthly. This acquisitions partner it with TechComBank and BankNet in Vietnam, Mayapada in Indonesia and it collaborates with Probiznesbank, Binbank and VTB24 in Russia.

LifePay Global plans to increase the amount of processed transactions to $40 million per month and enter the Chinese and Philippine markets in Q4 2015, with projected growth making it the strongest player in the Southeast Asian mPOS market by 2017.

With an absence of major network mPOS players and few mPOS projects in ASEAN, LifePay’s expansion into Southeast Asia and China is logical, given the overall lack of competition.

Also Read: Startup Review 2014: Vietnam tech firms find success, expand overseas

With a large number of small and medium businesses (SMEs), their target customers and a large number of issued credit cards with relatively weak card-acquiring infrastructure, LifePay has a strong competitive advantage in the market and is seemingly adopting a blue ocean strategy.

LifePay Global’s product and technology lines include Chip&PIN and Chip&Sign readers, along with an ecosystem of software and hardware business solutions and services. Among these are CRM and business analytics, mPOS installation equipment for points of sale and mobile cash registers with built-in MDM system.

The principal shareholder of LifePay is international venture capital firm Life.SREDA, which focuses on Fintech mobile and Internet projects.

According to Vladislav Solodkiy, board chairman of LifePay Global, he commented on mPOS that “No other financial technology demonstrates such growth speed, low customer acquisition cost and upsell capabilities.”

He added “Our choice of partners for entering Southeastern Asia market was dictated not only by their area of operation, growth rate, quality of customer base and product development but also by the experience of people working in that company. iboxPro has a strong multinational and international team, with team members living and working for a long time in the region’s various countries.”

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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. 
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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.