GMO Internet Group’s online payment arm, GMO Payment Gateway announced that the provider has invested 1 million USD via the GMO global Payment Fund to enhance its capital and business alliance with Neweb Technologies which is one of the major online payment service providers in Taiwan.
The GMO global Payment Fund was jointly launched by GMO Payment Gateway and GMO Venture Partners and becomes the Japan’s first investment fund that is dedicated to payment ventures in Southeast Asia. After establishing local presence in Taiwan as a branch of its Hong Kong subsidiary, GMO Payment Gateway partnered with Neweb in March 2014 and has provided international payment service “GMO-PG Global Payment” in Taiwan. By strengthening the business partnership with the investment of 1 million USD, the company seeks further expansion of the business in the greater China, and launching Neweb’s payment services in Japan in the medium and long term.
As the greater China is an engine of Asia’s economic growth, especially Taiwan’s ecommerce market has posted double-digit growth every year and it’s expected to grow to a 1 trillion HKD market in 2015, GMO Payment Gateway and Neweb will more focus on accelerating businesss development in the greater Chine region by utilizing the alliance and the synergy between the companies. Currently, GMO Payment Gateway has 5 local offices in Singapore, Hong Kong, Taiwan, Malaysia and Thailand.
(Source: GMO Payment Gateway)