Foundation of GOLDPAC ACS TECHNOLOGIES INC
Goldpac's Oversea Expansion Plan in Philippines
Goldpac announced recently that it has established a new subsidiary, GOLDPAC ACS TECHNOLOGIES INC. (GATI), in the Philippines. Certified by VISA & MasterCard, this new entity is jointly formed by Goldpac, Advanced Card Systems Ltd. (ACS) and BECA WORLEY ENTERPRISES (BECA) to provide financial bank card personalization service and secure payment total solutions for clients in the financial and government sectors in the Southeast Asia region and will help stimulate the evolution of the smart and secure payment industry there. This marks a significant breakthrough in the progress of Goldpac's overseas expansion plans and highlights its strategic regional ambitions.
As the fastest developing economic entity in Southeastern Asia, the Philippines smart card market has been growing rapidly and promises strong market potential. The Philippines is one of Goldpac's key strategic focuses in its overseas development planning. An emerging market with a population of over 100 million, its 2014 GDP stood at US285 billion, of which household expenditure accounted for 70% and continues to rise steadily. Furthermore, The International Monetary Fund (IMF) predicts that the country's GDP growth rate at 6% will remain consistent until at least 2019.
The establishment of GATI marks Goldpac's formal entry into the Philippines, one of the most important smart card markets in the Southeast Asia region. ACS, as a co-founding member, is listed on the HKEX (stock code 08210) and is the No.1 smart card reader provider in the Asia Pacific and ranks third globally with its products distributed in over 100 countries. BECA, also a co-founding member, is a smart card distributor in the Philippines, posses excellent market and channel competitiveness and maintains strong long-term relationships with domestic banks. This alliance is a significant step for Goldpac's overseas expansion and will assist each party to enhance their technologies, operations, marketing and international expansion, to push forward Goldpac's global presence.
