Clear2Pay buys China's ETH Tech
24 June 2009 | 4821 views | 0
Belgian payments outfit Clear2Pay has moved to increase its presence in the lucrative Chinese market by agreeing a deal to buy Beijing-based vendor ETH Tech. Financial terms were not disclosed.
Clear2Pay China will acquire all shares in ETH Tech, which was founded in 2004 and focuses on business intelligence for banks, financial institutions, government agencies and large corporates.
The company's clients include China Construction Bank, China National Clearing Centre, Bank of China and the central bank, People's Bank of China.
ETH Tech will be rebranded as Clear2Pay Beijing, with the office home to around 20 staff, bringing the vendor's total count in China to 80.
The unit will work in conjunction with Clear2Pay's Shenzhen office on developing, integrating and implementing payments systems for Chinese banks and other financial institutions.
Explaining the acquisition, Warren Gardiner, GM, Asia Pacific, Clear2Pay, says: "When working with Chinese banks on a number of projects, the name of ETH Tech came up on several occasions. We soon found out that there is a wonderful synergy between the two Chinese operations on the one hand and between Clear2Pay Beijing and our core Clear2Pay payments technology on the other."