Worldpay From FIS Expands its Merchant Operations to South Korea

FIS, a leading financial technology company, announced the availability of its Worldpay from FIS merchant solutions in South Korea. In order to provide access to domestic credit/debit card and APM acquiring services in South Korea, Worldpay from FIS has partnered with a Korean merchant services platform, TossPayments, that enables merchants to accept online payments and manage their business finances on a single platform.

Following this alliance, Worldpay from FIS will provide top-notch payment services to international retailers seeking to enter South Korea. The company’s strategy goal includes expanding into South Korea as part of its efforts to strengthen its merchant acquiring presence in more areas and increase its capacity on a worldwide scale. The business processes approximately $2 trillion in transactions yearly across more than 100 countries in a wide range of payment formats and currencies through its Worldpay product line.

The South Korean eCommerce market is predicted to develop at one of the quickest rates in the area, according to the recently released 2022 Global Payments Report. By 2025, it is expected to have grown from US$121 billion to US$243 billion, necessitating the need for more businesses to be permitted to operate there. Wallet usage is also increasing rapidly in South Korea, where it is anticipated that by 2025 it would account for one-third of all online purchases.

The extensive acquisition capabilities of Worldpay, including authorization, clearing and settlement, dispute management, and data analytics, will be available to merchants entering South Korea. Through a single point of integration, merchants will also profit from a seamless payments experience that will help them grow their client base, increase acceptance, and enhance user experience.

Gabriel de Montessus, Head of international Merchant Solutions, FIS, “Korea has proven to be an increasingly attractive testing bed for latest trends in eCommerce due to it being an early adopter of innovation. Markets across Asia including South Korea present fresh opportunities for global businesses, but to succeed locally, merchants need local understanding of consumer behavior to ensure success. Our new domestic acquiring capability in the country will ensure seamless integration into South Korea for global merchants and deepens our commitment to fuel smarter commerce across the world.”

 

Read: VoPay Partners with Plexflow for Streamlining Payment Capabilities

Moonfare Launches a Unique Platform for Wealth Management in UAE

Moonfare, a Germany-based private equity investment platform propounded that its operations have started in the United Arab Emirates (UAE). The platform enables individual investors of all seven emirates, except DIFC and ADGM to have access to the best private equity funds.  

Moonfare empowers individuals for direct investment into pre-vetted private equity funds by reducing entry minimums. Earlier, their equity funds were only accessed by institutional investors. Individual investors from UAE can invest in Moonfare for only $60,000. As the UAE citizens start entering Moonfare platform, it can further strengthen itself as a global leader in digital private market investment platforms.  

 Steffen Pauls, CEO, and Founder, Moonfare, stated, “We are very excited to have achieved this important milestone and to realize Moonfare’s expansion into the UAE. We see enormous growth potential in this region. The UAE holds one of the largest pools of private capital globally and is home to increasing numbers of high-net-worth individuals (HNWIs). This group is looking for new opportunities to diversify their portfolios and is showing strong demand for better digital offerings when it comes to wealth management. The Moonfare platform, with its easy and quick digital experience is ideally structured to meet these demands.” 

In a study conducted, it has been revealed that UAE’s HNWI is demanding technology-driven and digital tools for wealth management. The platform of Moonfare completes these demands as it offers a feasible, and secure experience, and enables investors to manage their investments in real-time. It’s a kind of one-stop platform that allows fund information access, KYC, digital reporting, and client enrolment on the go. 

Moonfare platform can provide an exceptional portfolio as they connect investors with prominent fund managers, including industry giants, like The Carlyle Group, KKR, Permira, EQT or Insight Partners.  

 

Read More: ATRAM Partnered with Additive to Launch Wealth Management Platform