iPay88 Sdn Bhd (‘iPay88’), a leading provider of online payment service and payment solution provider in ASEAN, today shares some of its strategic plans moving forward as a newly minted subsidiary of NTT Data Corporation (‘NTT DATA’) - which is part of NTT Group that ranks 65 in Fortune Global 500 in 2015, and is the third largest telecommunications company in the world in terms of revenue.
The acquisition that was sealed on 4th September 2015 by NTT DATA, via its subsidiary NTT DATA Asia Pte. Ltd. (‘NDAP’).
The three iPay88 co-founders - Chan Kok Long, Lim Kok Hing and Chong Lee Kean, express confidently that the joining as part of NTT DATA represents a major milestone to iPay88 as a company that is at the tipping point to further strengthen and accelerate the expansion of its online payment business in the region.
“Immediately, the four markets that iPay88 will be focusing on rolling out new and revolutionary online payment solutions together with NTT DATA are Malaysia, Singapore, Thailand and Vietnam,” says Chan, Executive Director of iPay88.
The alliance with iPay88 – which has also by far managed to secure a strong ASEAN lead in the online payment sector, facilitates NTT DATA to further establish its foothold in this area of huge potential in Asia Pacific.
Lim, who is also iPay88 Executive Director says that “Being part of NTT DATA Group’s family will provide a platform for us to reach out to larger corporations while at the same time increase iPay88 brand awareness across Asia Pacific as we can expect to invite more global merchants to join iPay88’s online payment solutions through NTT DATA’s global customer base.”
The dynamism of the eCommerce sector, together with the intricacies of ASEAN’s diverse financial payment network, forces payment related providers such as iPay88 to innovate and deploy faster than other players to stay ahead of the game.
Chan says that with NTT DATA’s experience in vast payment are from Consumer Payments to Bank-to-Bank Payments, iPay88 will benefit by having access to some of the cutting edge ICT discoveries for online payment solutions.
“iPay88 will benefit from streamlining our existing and evolving online payment solutions with NTT DATA’s payment related solutions represented by CAFIS® – which is the largest Card Payment network in Japan,” he says, adding that NTT DATA has achieved yearly revenue of over 11 billion USD and 70,000 employees worldwide.
With iPay88’s strong customer base and our reputed highly versatile online payment service and payment solution systems for merchants and financial institutions. One big (product innovation) benefit out of this synergistic partnership is that we get to incorporate some of the great features of CAFIS® related payment solutions to fit the domestic requirements of the markets we are playing in,” explains Lim.
NTT DATA Strengthened Network
Masahiro Kawai, Head of Cards & Payments Services Division of NTT DATA says, “Overall for us, we aim to cover uncharted areas in order to support customers’ entries into the global market and provide services to overseas markets with growth potential. In addition to this global market coverage, the partnership will also help our customers vertically from backend infrastructure services to front end merchant service.
I see that the biggest benefit from the acquisition of iPay88 is that we are now squarely positioned in the online payment and to strengthen the Payment Service Provider business both for online and offline within the region.”
Kawai further explains, “One of the objectives of the acquisition is to capitalise on growing demand for cross-border online payments between its home market and other markets in the Asia-Pacific region.”
“Today, electronic commerce in the Asia-Pacific region is one of the fastest growing markets that provide attractive growth potential to the online payment service and payment solution providers. Furthermore, the growing demand for cross-border online payment businesses between Japan and Asia-Pacific region including Malaysia, is expected to accelerate increasingly.”
With this acquisition, NTT DATA is expecting to co-create a number of leading-edge competitive electric payment services, more innovative products and services development, as well as merchant acquisitions within Malaysia and Singapore, thereafter Thailand and Vietnam.
For iPay88, there will be renewed business development efforts to accelerate the uptake of mobile point-of-sale (mPoS) systems to capture card present transactions as valueadded services – especially in markets with strong government support for cashless societies.
Chan ends, “iPay88 is growing at the rate of double digits year-on-year. We expect to maintain this growth rate over the next three years in view of the impending competitions from new players; and that there will be no significant change in the overall corporate strategy and market direction even after this acquisition by NTT DATA.