Standard Chartered and First Data launch Asian card JV

Source: Standard Chartered

Standard Chartered (Standard Chartered) and First Data, a global leader in electronic commerce and payment services, today 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.

"Merchant Solutions builds on Standard Chartered's strong existing customer relationships in the region, and First Data's extensive global merchant acquiring expertise," said Sean Hesh, CEO and managing director, Merchant Solutions. "These initial countries represent significant opportunities in the acquiring market, and 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 percent ownership held by First Data and 44 percent by Standard Chartered, through its wholly-owned subsidiary, Standard Chartered Bank (Hong Kong) Limited. Sean Hesh will lead Merchant Solutions as its CEO and Managing Director; supported by a board of five members appointed from both First Data and Standard Chartered Bank that include: Thomas J. McCabe, global head of product management and development for transaction banking services, Standard Chartered Bank; Sherazam Mazari, global head consumer lending, Standard Chartered Bank; Nigel Lee, president, Asia Pacific, First Data and Robert Schimenz, SVP, corporate systems, First Data.

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