Category Archives: Industry News

Linking needy to jobs in their neighbourhood

With small businesses crying out for more workers in the manpower crunch, Korvac Holdings has stepped up to create a database pro bono to help match jobs with the needy in the neighbourhood.  These are people who may only be able to work part time for a host of reasons from child care duties to mild infirmities due to age and need the income. WeCare@MarineParade, a community network, started the initiative with the Marine Parade Merchants Association.

For more details, read the Straits Times article here.

Korvac Group divests three subsidiaries to Wirecard Group

Singapore: Korvac Group has agreed to divest three  companies to Wirecard Group. This divestment comprises Singapore based PaymentLink Pte Ltd, and two other subsidiaries in Malaysia and Singapore.

Mr Jeremy Tan, CEO of Korvac, says: “We believe that the divested entities are a good fit for Wirecard’s regional strategy and we value this timely opportunity to work with Wirecard Group”.

The consideration in connection with this transaction comprises cash payments (all converted into Euro) in an amount of approx. EUR 26.1 million and earn out-components of up to approx. EUR 4.8 million, dependent on the operational profit (EBITDA) of the acquired group in the years 2013 and 2014.

The closing of the transaction can be expected in the next two months. With this divestment, Korvac is rebalancing its investments to focus on its national payment networks as well as to Intellectual Property (IP) creation in the financial services sector.

About Korvac:
Established in 1999 in Singapore, Korvac Holdings Pte Ltd is the management and holding company of five separate groups of businesses. These include National Payment Networks, Merchant Services, Card Services, Information Services and Transaction Services. Headquartered in Singapore, Korvac Holdings also has offices in Malaysia and Thailand. A leading provider of payment and consumer data processing services in the region, Korvac’s full range of payment services including PIN-based debit services through the EPINS® network and non-transit payment using ez-link and concession cards. In addition to payment services, the Group provides an extensive suite of merchant related services from regional payment infrastructure, transaction acquiring and processing, loyalty programmes, private label authorisation systems and consumer data analytics.

About Wirecard:
Wirecard AG is one of the world’s leading independent providers of outsourcing and white label solutions for electronic payment transactions. The Wirecard Group has been supporting companies in accepting electronic payments from all sales channels. A global multi-channel platform bundles international payment acceptances and methods, supplemented by fraud prevention solutions. When it comes to issuing their own payment instruments in the form of cards or mobile payment solutions. Wirecard provides companies with an end-to-end infrastructure, including the requisite licenses for card and account products. Wirecard AG is listed on the Frankfurt Securities Exchange  (TecDAX, ISIN DE0007472060, WDI).