Standard Chartered, First Data to launch Merchant Solutions
ConvergenceAsia staff
21/11/2007

Standard Chartered and First Data, an electronic commerce and payment solutions provider, have announced they have completed their transaction to jointly establish Merchant Solutions, which will provide acquiring services to merchants, initially across Asia, with plans to further expand around the world.

Headquartered in Singapore with subsidiaries throughout Asia, Merchant Solutions will support Standard Chartered Bank’s merchant clients with an expanded range of First Data products and services for debit and credit cards, as well as additional forms of electronic payments such as e-commerce and contactless and prepaid card acceptance.

Merchant Solutions will initially deliver payments solutions to Standard Chartered merchant clients throughout Asia in India, Bangladesh, Brunei, Hong Kong, Malaysia, Macau, Singapore and Sri Lanka and sales related services for internationally issued card acceptance in China, with plans to expand to additional markets within Asia and the Middle East.

Sean Hesh, CEO and managing director, Merchant Solutions said these initial countries represent significant opportunities in the acquiring market. “We look forward to working with merchants to help them provide a full range of payment services and increase efficiencies as these markets grow.”

Merchant Solutions, will comprise 56 per cent ownership held by First Data and 44 per cent by Standard Chartered, through its wholly-owned subsidiary, Standard Chartered Bank (Hong Kong).

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