KUALA LUMPUR (July 22): Payment service provider GHL Systems Bhd (valuation: 0.60; fundamental: 1.20) has teamed up with the Philippine’s leading mobile brand Globe Telecom to widen its reach into the small and medium enterprise community in the republic via the latter’s mobile point-of-sale service device that can turn any tablet or smartphone into a credit card terminal.
The tie up was made by GHL System’s wholly-owned subsidiary GHL Systems Philippines Inc (GHL PH) with Globe Telecom’s wholly-owned unit, G-Xchange Inc (GXI), said GHL Systems in a press statement today.
This partnership will enable GHL PH and GXI tap a bigger market and help micro, small, and medium enterprises (MSMEs) expand their businesses by enabling credit card payments using mobile payment solution.
“We are excited about this partnership with GHL to further boost presence of Globe Charge in the market and empower MSMEs with an innovative technology that will help them grow their businesses,” said GXI president and chief executive officer (CEO) Xavier Marzan.
GHL Systems said the easy-to-use Globe Charge device can be attached to any smartphone or tablet, which will immediately turn them into credit card terminals.
With over 800,000 business enterprises in the Philippines, Globe Charge has successfully equipped MSMEs with an affordable payment acceptance solution to tap the carded segment, expanding their sales and ultimately growing their business, said GHL Systems.
“Globe Charge is a bold and exciting initiative that will enable thousands of MSMEs to accept MasterCard and Visa-branded prepaid, credit, and debit cards from consumers by using an affordable payment device. Undoubtedly, this will contribute to the national agenda of converting retail cash payments to electronic payments as well as help broaden the financial inclusion of the unbanked population. It’s perfectly congruent with GHL Group’s objective of becoming ASEAN’s leading merchant acquirer in the small and medium merchant segment,” said GHL Systems group CEO Raj Lorenz.
Since its introduction, Globe Charge has been used by small and medium business owners that include medical practitioners running their own clinics, bazaar participants, enterprises with mobile sales force, and event organisers, said GHL Systems.
GHL Systems’ (fundamental: 1.2; valuation: 0.6) counter, which has gained 85.11% in the past one year, closed at 1.16 today, down 1 sen or 0.85% from yesterday’s close, for a market capitalisation of RM746.67 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)