Global Yellow Pages to invest in QPAY Asia

Deal offers platform to power mobile payment transactions and provide synergy to GYP's e-commerce businesses.

Global Yellow Pages Limited (GYP), Singapore's largest publisher of telephone directories and provider of classified directory advertising and associated products and services, on Wednesday announced that it has entered into an investment agreement with Australia-based Qpay Pty Ltd (Qpay Australia), a leading secure transactions enabler for mobile commerce and mobile payments in Australia, according to a GYP report.

Under the agreement, Qpay Australia will incorporate a company in Singapore, to be called Qpay Asia Pte. Ltd. (Qpay Asia), to provide an online and/or electronic payment system which allows for payments and money transfers to be made through the internet, mobile phones or other similar modes. GYP will invest in Qpay Asia by making available convertible loans of S$1 million which will be convertible to 50% shareholding of Qpay Asia.

With its technology already available in Australia, Qpay Asia will offer an innovative platform for secure mobile transactions which are able to support an extensive range of in-house and third-party applications, including shopping, banking or the trading of shares in Southeast Asia and India.

As Qpay Asia's technology does not require users to provide any credit card information during the transaction process, it will minimise malicious software and identity theft which occurs in other existing transaction platforms. It also offers users an unprecedented range of additional deliverables through its proprietary technology and trademarks licensed by Qpay Australia under the agreement. GYP will initially roll out the highly secure, inexpensive and no-fuss transaction gateway in Singapore and Malaysia, and subsequently to the rest of Southeast Asia and India.

Mr Stanley Tan, Executive Chairman and Acting Chief Executive Officer of the Group, said: "Qpay Asia will address the growing demand for a truly secure platform for mobile transactions, especially given the increasing rate of online fraud and the trend for mobile phones to increase risk and fraud rate exponentially. As such, we are confident that the attractive and unrivalled offering by Qpay Asia will be much welcomed and well-received throughout the region."

Qpay CEO and founder, Mr Greg Walter, said: "Qpay is exceptionally proud to be embarking on this partnership with Global Yellow Pages. Not only does the Qpay technology offer complete synergy to GYP's e-commerce businesses but it will be the platform to power secure mobile transactions throughout the region."

The investment in Qpay Asia will complement and add value to GYP's digital business by covering the entire e-commerce decision making process including transaction payment.

"The establishment of Qpay Asia is part of our efforts to adopt a multi-platform business. With this investment, we will be able to synergise Qpay Asia's innovative platform with GYP's existing businesses and database, allowing us to create a comprehensive e-commerce platform for our users, and in turn grow our business in the digital space. Going forward, our focus remains on exploring strategic acquisition opportunities to enhance the Group's offerings," added Mr Tan.