Green Dot, the prepaid and mobile technology firm, said Tuesday (July 14) that it has opened Green Dot Shanghai Software Technology Co. Ltd.
That wholly owned subsidiary, housed in a 24,000-square-foot facility, is geared toward providing technology and support to the Green Dot branchless banking platform within the United States.
The company said in a release detailing the new venture that technology professionals and engineers will be working onsite to help the parent company achieve “greater levels of productivity and margin expansion” which, in turn, will translate into growth in shareholder value. The latest movement into China, Green Dot said, ties in with Shanghai’s presence as a global financial hub and a venue for corporate competitiveness.
Green Dot said the Shanghai facility will integrate with other technology operations in Florida and both northern and southern California.
“We believe that the future of financial services belongs to those institutions that are tech-centric in their vision and tech-savvy in how they execute that vision. Green Dot is a financial technology innovator, and the opening of our new software development center in China is intended to further power our ability to efficiently create cool products that solve important problems,” Kuan Archer, COO of Green Dot Corporation and now executive director of Green Dot Shanghai, said in a statement announcing the opening of the tech facility.
The Shanghai hub is an effort to extend the Green Dot “follow the sun” model which enables work to be done on the company’s products worldwide and around the clock.
In other Green Dot-related news, the company said last month that it has renewed its relationship with Walmart for a term of five years and, in tandem with shareholder value initiatives, stated that it would repurchase as much as $150 million in stock.