Wirecard and Softbank to Develop Digital Payments Solutions in Japan and South Korea Markets

Earlier this week, Wirecard AG reached an agreement with the Japan-based Softbank Group Corporation. The deal states that the bank will invest €900 million in Wirecard through a convertible bond mechanism.

As a result, Wirecard will issue convertible bonds that are valid over 5 years exclusively to Softbank. Each of them will exchangeable for 6,923,076 Wirecard shares which is equivalent to 5.6% of the common stock at €130 per Wirecard share. Those who intend to purchase such bonds must be approved by the existing Wirecard shareholders at their yearly convention scheduled for June 18.

Additionally, the two companies have signed a memorandum of understanding regarding another collaboration for digital payments solutions. This agreement states that Softbank will support the expansion of Wirecard AG’s services into new markets, starting with Korea and Japan.

The bank will also allow Wirecard to access the technological infrastructure behind their financial solutions such as the digital payments processor, Ai and data analytics and so forth.

Another expectation concerning the partnership between Softbank and Wirecard is the possible introduction of a digital asset lending platform. Speculators believe that such a product would leverage high net worth clients and improve liquidity.

Marcus Braun, the CEO of Wirecard, said that his company focuses on growing their networks and using innovations to create new opportunities for their clients. He added that Softbank shares the same vision to be at the forefront of global innovations. Braun concluded that the partnership will help them increase their foothold on the Asian market.

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Lillian Peter
Lillian Peter
Lillian P has a knack for anything that teases the mind, with a keen interest in the blockchain technology, cryptocurrencies, and anything in between. Can bring to life the most difficult and boring concepts in the blockchain space. Lillian is a brilliant writer working with various publications.

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