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29Nov/11

Wirecard Acquires Systems@Work, Strengthens Its Position in Asia

By Martin Schuppelius

Germany-based payment service provider Wirecard Group strengthens its position in Asia. Yesterday, the company announced to take over Systems@Work Pte Ltd headquartered in Singapore for €34 million in cash.

Systems@Work, is one of the fastest growing electronic payment providers for banks and merchants in in Asia. Under its brand TeleMoney the company provides payment processing services for e- and m-commerce as well as point-of-sale in East Asia. Among its more than 500 business customers are big brands such as Carrefour, Starhub and the Singapore Land Transport Authority, the DBS and other major banks in the region. Dr. Markus Braun, CEO of Wirecard AG commented: “With this transaction we strengthen our position in East Asia and grow our regional customer portfolio further. Systems@Work’s approach to rely primarily on Internet technologies for payment processing matches our own strategy“.