Prepaid product and transaction services company InComm has purchased Hong Kong-based ValuAccess, which provides stored value programmes, loyalty programmes and transaction processing to retailers in Asia.
Financial details of the deal have not been disclosed.
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In 2012, InComm and ValuAccess formed a partnership in Hong Kong that combined InComm's global reach with ValuAccess's insight in the region’s consumer and retail markets.
This partnership led to offering of a suite of products, including prepaid cards, gift cards and other stored-value programmes while increasing sales and foot traffic at participating retailers, the companies claimed.
InComm executive vice-president and general manager for international Frank Monaco said: "This acquisition strengthens InComm's international presence and reaffirms our commitment to the Asian market.
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"Asia continues to be a key strategic focus for InComm and this will enable us to continue to build on our success throughout the region."
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By GlobalDataValuAccess CEO Alistair Gordon said: "InComm has been a great partner to ValuAccess over the years.
"We will continue to support InComm by distributing our local stored value gift card products through their retail distribution partners and providing local processing support."
