Credit card firm BC Card’s headquarters in Seoul (BC Card)
South Korean credit card issuer BC Card said Thursday that it has acquired a 100 percent stake of Vietnamese point of sale terminal firm Wirecard Vietnam in a bid to increase its foothold in the Southeast Asian market.
The newly acquired company, the largest POS system supplier in Vietnam, offers payment terminals to 40 banks and payment services firms operating locally.
As the company has software development units under its wing, it can offer tailored payment systems to its customers, which serves as a differentiating factor from local competitors, BC Card explained.
“BC Card has decided to take over the stake of Wirecard Vietnam to directly run a business in the local market, and to increase its presence there,” said BC Card CEO Choi Won-seok, who also vowed to continue to diversify its business portfolios.
The Korean firm will work to advance the Vietnamese subsidiary’s services, and develop terminals compatible with various payment solutions.
The transfer of the stake will be completed by the third quarter this year after the Korean firm pays for the acquisition. The Korean firm declined to disclose the exact amount of the deal.
Since 2017, the credit card issuer has been collaborating with banking and payment services firms in Vietnam, including the National Payment Corporation of Vietnam, LienVietPostBank, and Sacombank.
By Kim Young-won (email@example.com