Hitachi-Omron Terminal Solutions acquires local fintech pioneer, Interblocks
View(s):Japan’s Hitachi-Omron Terminal Solutions, in an encouraging move for the Sri Lankan economy and its bourgeoning FinTech sector, has announced that it has purchased the entire issued share capital of Interblocks Ltd, a local company specialising in payment-related software products and services catering to needs of financial institutions and retail businesses.
Upon finalisation of the milestone share acquisition, Interblocks Ltd will operate as a wholly-owned subsidiary of Hitachi-Omron Terminal Solutions, building on a vibrant capital and business partnership which first commenced in May 2018, the local company said in a media release.
“We are pleased to warmly welcome Interblocks into our Group. Since we commenced our business alliance agreement last year, our teams have been jointly developing solutions for payment channels and we are happy to note that in a very short period, we have received numerous inquiries which have since been converted into viable business. With Interblocks joining our group, we are confident that we will now be able to work in closer collaboration to share expertise and technologies that will help develop a new generation of solutions for the financial and payment market,” Hitachi-Omron Terminal Solutions Representative Director and President, Tetsuya Yagi stated.
He further noted that Hitachi-Omron Terminal Solutions will now seek to accelerate the development of solutions that accommodate cash and non-cash transaction channels such as Automated Teller Machines (ATMs), bank counters, mobile banking or smartphone-based payment for the global market including India and Southeast Asia.
“We are truly excited to move into this next stage of our company’s journey as part of the Hitachi-Omron Group. The rapid evolution of our partnership in the short period of just over a year is a testament to the exceptional synergies between our companies and the alignment of our visions for the future of the FinTech space which we believe lies in integrated scalable and adaptive solutions,” said Interblocks Managing Director and CEO, Dinesh Rodrigo.
He further noted that Interblocks will now be empowered to provide improved products and services to our existing and future customers. It will also enable us to enhance and expand our outsourcing and manage service offerings by leveraging on the experience and strength brought by Hitachi-Omron to serve our customers better.