First Data Corp., a
global leader in electronic commerce and payment services, announced it
will extend its reach in China with the formation of First Data (China) Co.,
Ltd. — a wholly owned subsidiary that will provide a full range of payment
technology and services to a market that represents one of the world’s largest
economies.
First Data will offer a full range of card and merchant processing
services, in addition to its VisionPLUS(R) software, to card issuing and
merchant acquiring companies in China. The company will establish operations
in Shanghai, including an administrative office and a data center. The
Shanghai operations are scheduled to be fully operational in the first quarter
of 2003.
“The establishment of First Data operations in Shanghai demonstrates our
commitment to providing local support for the emerging China payments market,”
said Henry T. Tsuei, president of First Data’s card and merchant processing
operations in North Asia. “First Data’s 30 years of payments industry
expertise and advanced technology will enable us to deliver state-of-the-art
payment services that will help China companies enhance their competitiveness
and increase profitability.”
First Data is a leading provider of payment processing solutions for card
issuers, merchants, post offices and other partners throughout the Asia
Pacific region. In China, First Data holds relationships with several leading
financial institutions to provide money transfer services through its Western
Union subsidiary. In addition, the Industrial & Commercial Bank of China and
the Agricultural Bank of China recently chose to use the VisionPLUS(R)
transaction processing software offered by First Data.
About First Data
First Data Corp. (NYSE: FDC), with global headquarters in Denver,
Colorado, powers the global economy. As the leader in electronic commerce and
payment services, First Data serves approximately 2.8 million merchant
locations, 1,400 card issuers and millions of consumers, making it easier,
faster and more secure for people and businesses to buy goods and services
using virtually any form of payment. With 28,000 employees worldwide, the
company provides credit, debit, smart card and stored-value card issuing and
merchant transaction processing services; Internet commerce solutions; Western
Union(R) money transfers and money orders; and check processing and
verification services throughout the United States. First Data also offers a
variety of payment services in the United Kingdom, Australia, Canada, Japan,
Mexico, Spain, the Netherlands, the Middle East and Germany. Its Western
Union and Orlandi Valuta money transfer networks include a total of
approximately 135,000 Agent locations in more than 190 countries and
territories.
