First Data opens Singapore office
17 November 2005 | 1354 views | 0
Source: First Data
First Data Corp. (NYSE: FDC), a global leader in electronic commerce and payment services, today announced the official launch of its regional office in Singapore.
The strategic move to establish a South and South East Asian regional hub signals First Data’s commitment to extending its presence in Asia, a region with one of the highest growth potentials for card issuers and demand for payment processing services.
The establishment of First Data's Singapore office follows the successful signing of a multi-year agreement to manage DBS' credit card and merchant processing services announced in July 2005. Under the terms of the contract, First Data will manage one of Singapore's largest bank portfolios of more than 2 million credit cards and 13,000 merchant accounts in the region. The agreement with DBS solidified the company's decision for Singapore as the clear choice to extend its worldwide network of regional offices.
Pamela H. Patsley, president, First Data International said, "South and South East Asia are important markets for First Data. The electronic payments market in Singapore is growing at double-digit rates in terms of both volume and value. Being in close proximity to our clients is a priority for the company, and we are pleased to offer Singapore our 30 years of payments industry expertise to deliver solutions that will facilitate growth in the region." Ms. Patsley is in Singapore to inaugurate the opening of the office.
First Data International's new Singapore office extends the company's presence to 71 countries and further strengthens the company's staff by 75 new recruits of analysts, programmers and project managers. The company's recruitment drive to staff its Singapore team is on target and expected to be completed over the next six months.
Grant Lines, senior vice president, South Asia Business Development, First Data International will be responsible for the daily operations of the new office together with business development for the region.
Mr. Lines commented, "Our strategy in South Asia focuses on marketing our VisionPLUS solution as a managed or outsourced service to leading banks, and pursuing relationships with banks and market-based co-operatives in the ATM, merchant and payment processing markets."
First Data's VisionPLUS software, used by some of the largest banks and retail card issuers in the world, is a comprehensive solution for all credit card, lending and related processing needs, incorporating fraud prevention and management reporting capabilities.
Commenting on the official office opening, Greg Nash, managing director, First Data International Australia, New Zealand and South Asia said, "Establishing a stronger local presence signifies First Data's commitment to growth in the South and South East Asia region. Singapore's sophisticated information technology and telecommunications infrastructure position it as a good platform for First Data to expand in South and South East Asia."
"We will continue to build our local presence to ensure that we maintain timely, cost-competitive support levels for our clients, as well as a strong working knowledge of the region and its needs," Mr. Nash added.