Sunday, 26 May 2019

BUSINESS TECH | Wirecard enters Germany’s DAX index

Wirecard, one of Europe’s leading payments companies, has entered Germany’s DAX index for the first time, starting Monday, 24 September. Replacing Commerzbank, the company is now Germany’s third-largest financial group on the stock market behind Allianz and Munich Re.

As an independent global internet technology and financial services provider, Wirecard’s services include payments acquisition & processing, issuing, as well as fraud management solutions. It works with financial institutions as well as regional and international merchants in the Asia Pacific. Wirecard’s presence in Asia Pacific has grown steadily since entering the region and establishing its regional headquarters in Singapore. With a workforce of more than 5,000 employees worldwide, Wirecard is present in 11 countries in the region in major cities such as Singapore and Hong Kong as well as the economic powerhouses of Indonesia and Taiwan.

Most notably, Wirecard acquired Citibank’s merchant acquiring business in the region in 2017. Its continued growth has been fueled by the boom in e-Commerce and the burgeoning shift from cash to digital payments. Currently, it serves over 200,000 merchants globally.

Digital payments in Asia are forecasted to grow annually reaching over USD2.5 trillion per year in 2022, and Wirecard continues to see huge potential for growth within the digital payments space in the region. As part of its global expansion, it has also partnered with the world’s largest Chinese fintechs including Alipay and WeChat. It works across a broad spectrum of industries – from financial institutions, hospitality to transport and consumer goods – including Mizuho Bank, Amazon, FedEx, and Singapore Airlines. In addition, Wirecard partners with other financial institutions in the payments ecosystem such as Mastercard, Visa and EZ-Link to digitize payments.

The fintech company is valued at about 21.1 billion euros, overtaking German financial giant — Deutsche Bank. Wirecard was first listed on the Frankfurt Stock Exchange and made its way into the TecDAX in 2006, Germany’s main tech stock index.

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