Standard Chartered forms Asia card joint venture with First Data

Standard Chartered forms Asia card joint venture with First Data

Standard Chartered is to transfer $1 million worth of assets into a new Asian card processing joint venture with First Data.

Merchant Solutions, the new Singapore-based joint venture, will be 56%-owned by First Data with the remaining stake held by the UK banking group through a subsidiary company.

Merchant Solutions will have subsidiaries in seven initial markets across Asia and will support Standard Chartered merchant clients with services for debit and credit cards, electronic payments - including cvontactless and pre-paid acceptance - and sales support.

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