Global Payments’ JV present in the Philippines

Global Payments Asia-Pacific, Asia-Pacific joint venture of Global Payments Inc., a leading provider of electronic transaction processing solutions and The Hong Kong and Shanghai Banking Corporation Limited is now ready to expand into the Philippines to offer payments processing services to merchants.

Carl Williams, Global Payments' President of Worldwide Processing noted that Global Payments Asia-Pacific now provides payment processing services to merchants across eleven countries and territories of Brunei, the Hong Kong SAR (Special Administrative Region), India, the Macau SAR, mainland China, Malaysia, Maldives, Singapore, Sri Lanka, Taiwan, and the Philippines.

Under the deal concluded between the two companies in July Global Payments Asia-Pacific paid HSBC approximately $20 million in cash based on current exchange rates. . Global Payments' ownership in the joint venture is 56%. The Philippines will also be included into the current ten-year marketing alliance agreement which means that HSBC will refer new merchant customers exclusively to the joint venture for payment processing services.