Tech Wei Corp, S.A. Acquires Panda Payment Solutions Ltd in 54M EUR Cash Deal
The purchase positions Tech Wei as a strong competing force in the marketplace technology sector.
PANAMA CITY, September 17, 2020 (Newswire.com) - Tech Wei Corp S.A. (Tech Wei), a Panamanian company with regional offices in Hong Kong, announces the acquisition of Panda Payment Solutions Ltd (Panda) in Hong Kong., a PSP and payment technology company.
The cash purchase of 54,000,000 EUR fits into Tech Wei's strategy to enhance and expand its marketplace platform. By purchasing the company, Tech Wei will provide customizable pipeline platforms and a wide range of payment solutions to its white label licensees.
“The acquisition of Panda complements Tech Wei’s overall offerings. They can now provide a full service, end-to-end platform to merchants in Latin and North America. Welcome to the era of anything, anytime, anywhere,” said David Solomon, CEO and Sole Proprietor of Panda.
“This investment represents an important strategic opportunity to offer instant payment solutions to companies engaged in the pipeline business model. Not only will it enable Tech Wei to satisfy the new digital customer, but it will give marketplace merchants the ability to consistently maximize profits and stay competitive.”
David Solomon will continue on-board for an additional three months to oversee the seamless transition of the company.
About Panda Payment Solutions Limited Hong Kong
Founded in 2015, Panda Payment Solutions Ltd, based in Hong Kong, is the leading provider of payment technology and payment solutions in Asia. Through its subsidiaries, the company provides direct acquiring solutions to merchants worldwide. It is also a leading developer of bespoke CRM and payment platforms. The company processed a record 3.25 billion EUR in transactions in 2019. The company’s customers include Fintech Companies, Merchants and PSPs. To learn more information about Panda Payment Solutions HK visit www.pandapay.hk
Tech Wei Corp S.A.
Founded in 2008, Tech Wei Corp S.A., is a Marketplace driven company. As a pioneer in the concept of the pipeline business model, the company launched in 2009. It currently provides white label marketplace platforms to over 5,000 merchants in Asia, Latin America and North America, competing head-on with rivals such as Ali Baba and Amazon.
For further information, contact info@pandapay.hk
Source: Panda Payment Solutions Ltd