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PayU Gets Regulatory Backing to Acquire Colombian Fintech Ding

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PayU, a Netherlands-based payment service
provider for online merchants, has received the approval of regulatory
authorities in Colombia to complete its acquisition of Ding, an electronic
deposit and payment platform.

The Superintendency of Industry and
Commerce (SIC) and the Financial Superintendence of Colombia (SFC) deliberated
in favour of the transaction, PayU said in a statement.

The approval comes months after PayU
entered into an acquisition agreement with Credibanco, a Colombian company and the owner of
Ding.

Last year, PayU bought Wimbo, a payment technology firm that specializes in processing online payments, for $70 million.

Francisco León, the CEO of PayU Latin
America, noted that the new acquisition of Ding will help the company to respond to the permanent challenges arising from the market.

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“PayU has accompanied the evolution of
online payments in Colombia and the company now seeks to expand its scope of
services to boost the financial inclusion of small and medium-sized companies
in the country,” León said.

Also speaking, Mario Shiliashki, the CEO
of the PayU Global Payments Division, noted that Colombia is the company’s most
important hub in Latin America.

“This is undoubtedly one of the most
relevant moves in the Colombian financial market, reflecting PayU’s desire to
build substantial online businesses for merchants and consumers who offer
useful products and services to millions of people in their everyday life,”
Shiliashki explained.

Also contributing, Juan Vargas, the
Country Manager of PayU in Colombia, explained that PayU’s strategic vision is to
leverage small and medium-sized businesses in the country.

The acquisition, therefore, “will be a
cornerstone in this important purpose,” Vargas said.

“PayU is a brand that is present in the
hearts of Colombians, not only because of its credibility, solidity and experience,
but also because it was born from a venture in the country,” the Country
Manager added.

Online Payment in Colombia

According to PayU, Colombia, over the past few years, has seen a unique transformation of its financial systems.

This transformation has made the country’s
market more dynamic, especially with the injection of new players into the industry.

PayU believes that its acquisition will
boost innovation and competition in Colombia’s digital payments industry while
also driving inclusion.

“This operation [acquisition] is fully aligned with the
general vision of the fintech ecosystem in Colombia, and it is a key objective
for PayU in all communities that it partakes in,” the company explained.

PayU, a Netherlands-based payment service
provider for online merchants, has received the approval of regulatory
authorities in Colombia to complete its acquisition of Ding, an electronic
deposit and payment platform.

The Superintendency of Industry and
Commerce (SIC) and the Financial Superintendence of Colombia (SFC) deliberated
in favour of the transaction, PayU said in a statement.

The approval comes months after PayU
entered into an acquisition agreement with Credibanco, a Colombian company and the owner of
Ding.

Last year, PayU bought Wimbo, a payment technology firm that specializes in processing online payments, for $70 million.

Francisco León, the CEO of PayU Latin
America, noted that the new acquisition of Ding will help the company to respond to the permanent challenges arising from the market.

“PayU has accompanied the evolution of
online payments in Colombia and the company now seeks to expand its scope of
services to boost the financial inclusion of small and medium-sized companies
in the country,” León said.

Also speaking, Mario Shiliashki, the CEO
of the PayU Global Payments Division, noted that Colombia is the company’s most
important hub in Latin America.

“This is undoubtedly one of the most
relevant moves in the Colombian financial market, reflecting PayU’s desire to
build substantial online businesses for merchants and consumers who offer
useful products and services to millions of people in their everyday life,”
Shiliashki explained.

Also contributing, Juan Vargas, the
Country Manager of PayU in Colombia, explained that PayU’s strategic vision is to
leverage small and medium-sized businesses in the country.

The acquisition, therefore, “will be a
cornerstone in this important purpose,” Vargas said.

“PayU is a brand that is present in the
hearts of Colombians, not only because of its credibility, solidity and experience,
but also because it was born from a venture in the country,” the Country
Manager added.

Online Payment in Colombia

According to PayU, Colombia, over the past few years, has seen a unique transformation of its financial systems.

This transformation has made the country’s
market more dynamic, especially with the injection of new players into the industry.

PayU believes that its acquisition will
boost innovation and competition in Colombia’s digital payments industry while
also driving inclusion.

“This operation [acquisition] is fully aligned with the
general vision of the fintech ecosystem in Colombia, and it is a key objective
for PayU in all communities that it partakes in,” the company explained.

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  • Source: https://www.financemagnates.com/fintech/payu-gets-regulatory-backing-to-acquire-colombian-fintech-ding/

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