The licence granted by the Monetary Authority of Singapore to Worldline’s subsidiary GCS APAC enables Worldline to expand its presence in the Asian marketplace and enhance its offerings for both local and international merchants operating throughout the region.
According to the official press release, e-commerce in Singapore is rapidly expanding from USD 9.3 billion in 2019 to an estimated USD 14.8 billion in 2023. This trend is expected to continue, reaching USD 21.9 billion by 2027.
In Japan, Worldline has a preferred partnership with Vesca, a local provider of payment solutions and network service provider (NSP). Worldline leverages its global payment processing facilities to provide transaction processing, while Vesca acts as the acceptance layer in the country. This alliance makes it simple and cost-efficient for Japanese merchants to accept credit cards.
The South Korean market has piqued the interest of global e-commerce players. Recently, Worldline has expanded its support for these players through geo expansion. By leveraging an understanding of South Korea's financial ecosystem and local partnerships, Worldline aims to help global online businesses process payments locally and access the local market without the need to set up a local entity.
Worldline, besides providing services for merchants in the region, is collaborating with a vast network of banks. In markets like Singapore, Malaysia, Indonesia, the Philippines, Thailand, Vietnam, Brunei, Taiwan, Hong Kong, and China, over 85% of banks in ASEAN countries are already utilising Worldline's product portfolio.
Worldline's official statement highlights the increasing interest of businesses and consumers in adopting new ways of conducting transactions across diverse markets with global implications.
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