The giant of Korean card industry acquires largest POS supplier in Vietnam

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The transfer of Wirecard Vietnam shares to BC Card (Korea) is expected to be completed in the third quarter of this year.

Illustration: Payoo.

According to The Korean Herald, on May 20, BC Card Company (Korea) announced that it had acquired a 100% stake in Wirecard Vietnam Co., Ltd. This is believed to be an attempt to increase the foothold in the Southeast Asian market of the Korean “big man”.

Wirecard Vietnam is the largest POS system supplier in Vietnam, providing 40 banks and payment companies operating locally.

Wirecard Vietnam was established on August 10, 1999, headquartered at room 1601, 16th floor, Thaiholdings Tower, 210 Tran Quang Khai and 17 Tong Dan, Trang Tien ward, Hoan Kiem district, Hanoi.

As of early March this year, Wirecard Vietnam’s charter capital is more than 3.12 billion VND, 100% foreign capital. Mr. Nguyen Van Thao (1972) is the General Director and legal representative of the company.

According to sources we have, Wirecard Vietnam’s revenue and profit continuously grew in the period 2017 – 2019. In 2019, the company’s net revenue was VND 137 billion, profit after tax was more than VND 12 billion; increased 15% and 48% compared to 2018.

Total assets by the end of 2019 were nearly 179 billion dong, of which equity was more than 83 billion dong.

Judging by the potential, the South Korean company said that Wirecard Vietnam has experienced software developers who can provide suitable payment systems to customers, acting as a different factor from local competitors.

“BC Card has decided to take over a stake in Wirecard Vietnam to directly run the business and strengthen its presence in this market,” shared BC Card CEO Choi Won-seok, and pledged to do so. continue to diversify the company’s business portfolio.

The transfer of shares is expected to be completed in the third quarter of this year after BC Card pays the money. The Korean company declined to disclose the exact amount of the deal.

Regarding BCcard, the company is currently Korea’s largest enterprise providing credit card processing services and payment platforms, belonging to KT Group. BC Card has cooperated with many different payment organizations such as NAPAS, LienVietPostBank, Samcombank to digitize payment services since 2017.

Wirecard Sales International Holding is a German payment processing and financial services provider that was once Europe’s largest fintech company by market capitalization. However, the company filed for bankruptcy in June 2020, days after news of 1.9 billion euros in cash had “disappeared” from its balance sheet. Wirecard Vietnam is a subsidiary of Wirecard Sales International Holding.

Source: vietnambiz.vn – Translated by fintel.vn