Wirecard to sell its APAC payment gateway platform and card management solutions business units to WOW Digital Technologies

Wirecard has signed agreements with WOW Digital Technologies, a Singapore-based technology company, to sell its payment gateway platform and card management solutions business units in the APAC region.

The transaction is subject to closing conditions. Following closing, the payment gateway platform will be managed by Bankograph, a processing partner of WOW Digital Technologies.

Wirecard’s payment gateway business supports financial institutions in Singapore, Malaysia, Papua New Guinea, and Australia. Wirecard’s card management solutions business unit provides software products for financial institutions in Malaysia, Myanmar, Laos, and Cambodia to issue and manage cards and merchant relationships.

According to the press release, the agreement includes the transfer of software assets such as Wirecard’s TeleMoney payment gateway, Wirecard Card Management System, and Wirecard Application Processing Engine. To minimise the disruption of the services, Wirecard will also transfer to Bankograph all staff from the sold business units and the datacentre infrastructure assets in Singapore, excluding the data warehouse. The Wirecard team will continue to operate the businesses during the period of integration into the business units of WOW Digital Technologies and Bankograph.