Los-Angeles-based online credit card processor Allied Wallet announced last week the acquisition of CloudAsia, one of the largest Chinese payment processors in Hong Kong.
Last year, Allied Wallet began negotiations with CloudAsia, citing its significant market growth. The company said the acquisition of CloudAsia, which provides Allied with more access to consumers and local banks across Korea, Indonesia, Malaysia and China, will stimulate its growth and expansion into Asia.
Allied Wallet’s partnerships allow the users of its merchant services and digital wallet services to spend or accept 164 different currencies.
“We’re happy to acquire a company that has had the level of success of CloudAsia, and we are excited to bring our solution to millions of new merchants across Asia,” Allied CEO Andy Khawaja said. “There are over 538 million internet users in China alone and we will be giving them a safer, better way to pay online.”