SINGAPORE, April 22, 2021 /PRNewswire/ — Wirecard has signed agreements with WOW Digital Technologies to sell its payment gateway platform and card management solutions business units in Asia Pacific. The transaction is subject to closing conditions. Following closing, the payment gateway platform will be managed by Bankograph Pte. Limited, a processing partner of WOW Digital Technologies.
Wirecard’s payment gateway business supports large financial institutions in Singapore, Malaysia, Papua New Guinea and Australia to checkout systems of online and offline merchants. Wirecard’s card management solutions business unit provides software products for financial institutions in Malaysia, Myanmar, Laos and Cambodia to issue and manage cards and merchant relationships.
The agreement includes the transfer of software assets such as Wirecard’s TeleMoney payment gateway, Wirecard Card Management System and Wirecard Application Processing Engine for paperless Know-Your-Customer (KYC) system and onboarding of merchants. To minimize disruption of services, Wirecard will also transfer to Bankograph all staff from the business units sold and datacentre infrastructure assets in Singapore, excluding the data warehouse. The Wirecard team will continue to operate the businesses during the period of integration into the business units of WOW Digital Technologies and Bankograph.
“We have structured this deal in the best interests of all stakeholders, particularly to ensure continuity of services for our payment gateway customers in Asia Pacific,” said Nick Gronow, Director at Wirecard.
“We want to make this transition as seamless as possible and enable financial institutions to provide world-class services to their merchants beyond the current pandemic. Bankograph is well-poised to offer a stable of innovative technology products to our new bank partners on top of the payment gateway platform,” said Alexander Gold, CEO Bankograph.
About Bankograph and WOW Digital Technologies
Bankograph is a technology company led by an experienced team of fintech entrepreneurs. The company which operates its own digital banking platform and has offices in Vietnam, Singapore and India. Bankograph offers innovative point-of-sale payment and credit management solutions to financial institutions. WOW Digital Technologies is an IT products and software development partner of Bankograph. WOW’s team includes subject matter experts in software development, AI, Big Data and complex software product engineering.
The business units in this transaction include assets from Wirecard Singapore, Wirecard Asia Holding, Wirecard Payment Solutions Malaysia and Wirecard Myanmar. Wirecard built its payment gateway platform and card management system businesses in Asia Pacific beginning with several acquisitions between 2012 and 2013 in Singapore. These businesses currently serve a number of large financial institutions in South-East Asia and Indochina. The assets acquired from Citibank in 2017 do not fall within this sale.