Wirecard announced that it is set to gradually acquire all shares in Bejing-based AllScore Payment Services so it can expand into cross-border licenses. After the deal is closed, Wirecard will hold 80 percent of the shares in AllScore. There is a call option that will enable Wirecard to acquire the remaining 20 percent of shares after two years.
“We are excited to share the news of Wirecard entering China. The Chinese market represents a tremendous opportunity for Wirecard. The licenses are a perfect match to the global platform strategy of Wirecard,” said Markus Braun, CEO of Wirecard, in a press release.
Founded in 2007, AllScore is a local payment services provider with an attractive license portfolio and a dedicated team of more than 120 staff members. The portfolio enables Wirecard to offer Chinese merchants local acquiring services, cross-border acquiring — including settlement — in their local currency and digital value-added services. In addition, Wirecard’s international merchants will gain access to Chinese consumers, as well as the ability to accept mobile payment methods and receive settlements in their respective local currencies. The license portfolio also provides Wirecard with the ability to issue payment cards to consumers and companies in China.
“We welcome Wirecard to China, and are proud that they have selected us to enter the market, joining in on the efforts of the Chinese government to open the financial sector, and improve the regulatory environment for market access to foreign investors. Wirecard’s demonstrated history in expanding a global, digital business, and their professional approach to execution, combined with our local knowledge and licenses, make us an ideal combination to serve Chinese merchants, as well as international clients doing business in China,” said Yao Lin, CEO, chairman and founder of AllScore Payment Services.