Emergent Technology & Payments acquires QENTA Payment CEE and BamCard to accelerate innovation in payments processing
Emergent Technology & Payments (EmTech) completed a transaction with Aurin Investment Group (“Aurin”) to acquire Austria’s QENTA Payment CEE (“QENTA CEE”) and Bosnia–Herzegovina’s BamCard businesses to accelerate global reach in payments processing. The transaction further capitalizes EmTech’s business with Aurin taking a stake in the group.
The acquisition brings together the existing business and experience of QENTA CEE and BamCard’s management team with distributed ledger technology, tokenization, and artificial intelligence-powered compliance solutions to deliver converging technologies that paves the way for end-user focused integrated and alternative payments, remittances, credit and hedging business models.
Recommended AI News: Parascript Goes a Step Further in Intelligent Document Processing with FormXtra.AI 8.3
QENTA CEE acquired the technology assets of Wirecard, one of the 30 most valuable German companies listed on the Frankfurt Stock Exchange, before it filed for insolvency in 2020. With a new management, the payment service provider offers the latest technologies in cashless payment processing and support in international payment strategies tailored to merchant sales channels.
Established by Bosnian banks for the development of a common infrastructure for bank cards, BamCard develops cutting-edge products for card issuing and processing and provides a foothold in the emerging markets of Eastern Europe.
“The payments industry is in the process of convergence and shifting focus to big data; no longer just authorizing, clearing, and settling” said Brent de Jong, EmTech’s CEO and Chairman. “EmTech brings together a technology platform that offers integrated solutions for payments processing and connects supply chain and compliance data to financial transactions. This acquisition increases our global payments footprint.”
Kerim Chouaibi, CEO of QENTA CEE said, “We are forming a transatlantic fintech that has the right solutions for the demands of a globalized and evolving financial world: we offer payment processing at the highest level of security that also enables small and medium-sized companies in emerging markets to better access the global market. Together our innovative fintech solutions will contribute to greater economic and social stability in emerging markets.”
Recommended AI News: Prodapt and CoreStack Partner to Deliver Multi-Cloud Governance for the TMT Market
[To share your insights with us, please write to sghosh@martechseries.com]
Comments are closed.