Japan’s GMO Payment Gateway has invested US $1 million via the GMO Global Payment Fund to enhance its capital and business alliance with Neweb Technologies a major online payment service provider in Taiwan.
GMO-PG first partnered with Neweb in March 2014, providing global payment system service GMO-PG Global Payment*2 in Taiwan. The enhanced partnership will further expand business in the Greater China region and introduce Neweb payment services to the Japan market.
*1. Global Payment Fund is the first investment fund in Japan dedicated to payment ventures in Southeast Asia, jointly established by GMO-PG and GMO Venture Partners, Inc.
*2. Global payment system services for Japanese ecommerce businesses looking to deploy overseas by establishing overseas local offices. In addition to local currency credit card payments the service offers, payment methods tailored to local needs in each country.
GMO-PG currently has five local companies in Singapore, Hong Kong, Taiwan, Malaysia and Thailand. Each local company provides global payment system service GMO-PG Global Payment to Japanese ecommerce businesses expanding into the local region and surrounding markets. At the same time dedicated payment fund, GMO Global Payment Fund invests in capital and business alliances, with promising local payment startups. The two business facets work in synergy, advancing business expansion in the Greater China region.
The Greater China region is driving growth in Asia. In February 2014, GMO-PG established a local presence in Taiwan as a branch of its Hong Kong subsidiary, and formed an alliance with Neweb, a major online payment service provider in Taiwan expanding into the Greater China region. Utilizing this alliance, GMO-PG provides GMO-PG Global Payment to businesses including Asian Basis Taiwan.
The e-commerce market in Taiwan has shown double-digit growth every year. It is forecast to reach NT$ 1 trillion*3 (3.8 trillion yen at the rate of 3.8 yen to the NT$) in 2015, and is expected to keep growing going forward.
GMO-PG invested US $1 million in Neweb via GMO Global Payment Fund to accelerate business growth in the important Greater China region including Taiwan. In addition to further expanding GMO-PG Global Payment sales and strengthening sales support in Taiwan for products sold by GMO-PG merchants, member stores deal with, GMO-PG will introduce Neweb’s payment services to Japan, in the mid to long-term.
Neweb Technologies is a major online payment service provider in Taiwan and provides payment services to almost all major EC sites including music distribution sites and recruiting sites. With over 4,000 member stores and experienced management, Neweb Technologies Co., Ltd., in addition to the provision of payment services, develops payment solution provisions for banks in Taiwan and assists with Internet retailing for Chinese consumers, etc.
About GMO Payment Gateway, Inc.
GMO Payment Gateway is the largest online payment service provider in Japan. It provides transaction payment processing services including those for credit cards to over 57,000 merchants (as of 06/2015) including online stores, recurring fee-based businesses like NHK, as well as public institutions like Japan Pension Service and Tokyo Metropolitan Government, resulting in over 1.5 trillion yen (US $12 billion) of annual processed payments. GMO-PG services are safe and convenient for both business and the consumer. As the largest payment processing service in Japan, GMO Payment Gateway is an innovation leader and key contributor to the growth and development e-commerce.
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