News Update

UnionPay International Partners 2C2P to Target Southeast Asian E-commerce Market

• With 2C2P, UnionPay International (UPI) debit and credit cardholders can shop and pay online with Southeast Asia’s (SEA) largest retail brands
• This will help SEA merchants reach over five billion UnionPay cardholders globally

2C2P, a leading Southeast Asian (SEA) payment services provider that helps e-commerce and m-commerce merchants accept and make payments, is partnering UnionPay International (UPI) to target the fast growing SEA e-commerce market. 2C2P’s SEA merchants can now connect with over five billion UnionPay cardholders worldwide, offering UnionPay as a secure and convenient online payment option for shoppers.

2C2P Group CEO and Founder, Mr Aung Kyaw Moe, said, “With more and more people using UnionPay globally, this partnership marks a significant step forward for 2C2P, cementing our status as a leading payment services provider in Southeast Asia. 2C2P has opened up the world’s largest card brand to our Southeast Asian merchants. In so doing, we have also offered UnionPay cardholders access to the region’s leading travel, transport, tourism and retail brands. Together, we are driving the adoption of cashless and online payments, providing customers with more payment options.”

Frost & Sullivan estimates the B2C e-commerce compound annual growth rate (CAGR) of key ASEAN markets Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam at 37.6 percent from 2013 to 2018, growing from US$7 billion to US$34.5 billion.1

Wenhui Yang, General Manager, UPI Southeast Asia said, “Southeast Asia is one of the fastest emerging online shopping regions. By partnering 2C2P, one of the most innovative and leading payment service providers in ASEAN, UPI is able to offer our services to top online retailers and merchants, particularly the multi-billion dollar travel and tourism sector.”

2C2P will provide UnionPay Online Payment (UPOP), a secured service developed by UPI specifically for online payments. With UPOP, UPI cardholders will receive an OTP (one time password) via their mobile devices to complete their transactions. UPOP, together with 2C2P’s own 2C2P’s 3D secure authentication technology, widely implemented by card issuing banks across SEA, will enhance online transaction security, thus increasing consumers’ confidence and facilitating online purchases.

2C2P works with some of SEA’s largest e-commerce and m-commerce merchants. It processed more than US$2.2 billion in transactions in FY2014, growing by over 440 percent year-on-year versus FY2013. In Thailand alone, 2C2P is responsible for over 85% of e-commerce authentications. In April 2015, it raised US$7 million in Series C funding, taking total funding to over US$10 million.

References:

1 Source: Frost & Sullivan, “High Growth & Consolidation Expected in Southeast Asia’s eCommerce Market,” Press Release, July 4, 2014 (http://www.frost.com/prod/servlet/press-release.pag?docid=291335203)

About 2C2P
2C2P is a leading Southeast Asian (SEA) payment services provider. It offers a number of comprehensive, technology-driven, omni-channel payment services tailored to the needs of financial institutions, e-commerce and m-commerce businesses and retailers, facilitating electronic and mobile commerce. 2C2P enables payment acceptance through credit and debit cards, as well as through bank channels such as ATMs, internet banking and mobile banking. 2C2P also facilitates cash acceptance via payment counters, an important feature in SEA, a region characterized by low card penetration. With 2C2P’s comprehensive omni-channel solutions, merchants can now transact with both banked and unbanked customers.

The company processes billions of dollars in transactions for many businesses. 2C2P has offices across Southeast Asia, including in Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Philippines and Thailand, as well as in Hong Kong. In 2015, 2C2P was recognized by CBInsights as one of the world’s top 25 payment startups. It is a 2013 Deloitte Technology Fast 500 Award winner, recognized as one of Asia’s fastest growing technology companies.

About UnionPay International
UnionPay International (UPI), a subsidiary of China UnionPay, focuses on the growth and support of UnionPay’s global business. In partnership with more than 300 institutions worldwide, UnionPay International has enabled card acceptance in over 150 countries and regions with issuance in more than 40 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.

For more information about UnionPay International, please visit www.unionpayintl.com, follow “UnionPay International” on Facebook, Sina Weibo or WeChat, or download its official mobile application by searching “UnionPay International” in Apple’s App Store or Google’s Play Store.

Biography for Aung Kyaw Moe, Founder and Group CEO at 2C2P
Aung is the founder and Group CEO of 2C2P, a Southeast Asian payment services company revolutionizing payments for financial institutions, ecommerce and mcommerce merchants and consumers across Southeast Asia. He hails from Myanmar, but has been based in Singapore and Thailand for the past fifteen years.

An avid entrepreneur, Aung co-founded Paysbuy, a Thai payments company, successfully exiting in 2007. He also founded SinaptIQ, a 3DSecure payment solutions provider.

Aung is passionate about contributing to the uptake and growth of the payments industry in Asia, particularly around alternative payments in developing markets such as Myanmar and Vietnam, where credit and debit card penetration is low.

He holds an Executive MBA from Chulalongkorn University’s Sasin Graduate Institute of Business Administration, and is a graduate of the MIT Sloan Executive Program in General Management (EPGM). He was recognized as one of Asia's Top 25 Entrepreneurs by Business Week Magazine in 2009, and by the World Economic Forum as a think-tank member. Aung has also won several programming competitions throughout his career, including winning the Grand Prize at Nokia Calling All Innovators (2009), and the Mobile Payments Solution award at the Global Mobile Innovation Show (2010).