Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
BC Card acquires Indonesian software company
BC Card CEO Choi Won-Seok, left, and Cranium Indonesia CEO William King pose after signing a deal on acquiring a 67-percent share in Cranium Indonesia at BC Card's headquarters in Seoul, Friday. Courtesy of BC Card
By Yi Whan-woo
By Yi Whan-woo
BC Card has purchased an Indonesian software developer called Cranium Indonesia in its push to expand its presence in the Southeast Asian market. The company said Sunday that it has signed a deal to acquire a 67-percent stake in Cranium Indonesia, which offers IT services to Indonesian clients in both the public and private sectors.
Clients include Bank Mandiri, Indonesia's largest state-run bank, and Telkom Indonesia, a multinational telecom conglomerate.
“We believe Cranium Indonesia will help us spur growth momentum for global IT services that we are targeting as one of the next growth engines,” BC Card CEO Choi Won-seok said.
BC Card is developing an international financial settlement system to connect Indonesia with Thailand, Vietnam and other Southeast Asian countries.
The company was selected as an overseas partner by the Indonesian government in May for a global digital payment project.
In April 2021, the company took over Wirecard Vietnam, the top banking point-of-service (POS) terminal supplier in Vietnam. POS refers to an advanced payment system that offers integrated services for merchants in managing businesses.