Net 1 UEPS Technologies has acquired 98.73% of KSNET, a South Korean payment processor, for US$233m. KSNet is a fast growing and profitable payment solutions provider, has a broad product offering, a base of approximately 200,000 merchants and an extensive direct and indirect sales network.
Net1 believes that the acquisition of KSNet will strengthen its long-term growth platform. KSNet’s core card value-added network (VAN) business is similar to Net1’s South African EasyPay operation, thereby creating an opportunity to incorporate new offerings such as the value-added services offered by EasyPay.
“This transaction marks a key milestone for Net1, and fits squarely into our long-term vision of globalising the company, penetrating certain key growth markets, while also diversifying our business internationally,” said Dr Serge Belamant, Net1’s chairman and chief executive officer (CEO). “KSNet offers us the opportunity to further capitalise on its position in a high growth market, advance its newer businesses in banking VAN and payment gateways, as well as introduce key products and services from Net1’s EasyPay and Mobile Virtual Card offerings, providing a comprehensive and differentiated solution to cardholders, financial institutions and merchants in Korea.”
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more