The company, which is already closely partnered with Welcome, is currently looking for strategic business partners in the region especially those in Hong Kong, Taiwan, and South Korea. Aconite is targeting these specific markets as it sees a clear opportunity to develop its smart card, EMV consulting and solutions business which is already well established in the UK, the pioneer market for EMV Chip and PIN, and more recently in the Middle East, Southern Africa and Canada.
Mike Woods, CEO, Aconite, stated: "Globally banks are turning the EMV liability shift into an opportunity to create new payment products which significantly increase revenues and market share, boost non-interest income and help reduce the cost of acquiring new cardholders and merchants.â
"I firmly believe that we can offer potential business partners the expertise and technology to deliver value added payment applications and services to banks, financial institutions and payment processors throughout the region."
Banks and other financial institutions in Hong Kong, Taiwan and South Korea are currently facing similar business opportunities. With card fraud on the rise EMV migration in Taiwan has begun in earnest and Hong Kong about to start migration. Whilst in South Korea, where smart card adoption has been long underway, the market adoption for EMV has been driven more by a need to differentiate product offerings than solely fraud and risk liability.
Aconite can offer its potential partners access to highly experienced smart card and EMV consultants as well as a family of strategic and tactical EMV products and EMV-focused tools and utilities.
"Aconiteâs EMV products are carefully planned to make life easier for organisations in the cards business. Issuers, acquirers and third-party processors can all use Aconite products to simplify their migration to EMV capability," continued Mike Woods.
"Aconite recognises the challenges facing our potential partners in the card industry such as timescales, cost of integration and lack of skilled and experienced resource; and has developed a range of products to meet those needs providing fast, flexible, adaptable and intuitive solutions which are competitive and quick to market with the least risk."