AGTech is making a strategic move to enter the fintech industry by acquiring Macau Pass, a leading payment platform in the Guangdong–Hong Kong–Macau Greater Bay Area.
Macau Pass issues the popular Macau Pass Card, the first and most widely used contactless payment card in Macau with over three million active cards in circulation. Originally used for buses, the card is now accepted by a wide range of businesses, showcasing its versatility.
In addition to the Macau Pass Card, Macau Pass also owns the online payment platform MPay, which is used by over 90% of adult Macau residents, highlighting its strong presence in the local market.
AGTech chairman and chief executive Sun Ho expressed his excitement about the acquisition, emphasizing Macau Pass’ significant contributions to the local fintech industry and the economy of Macau.
With plans to further innovate in payment solutions, AGTech aims to transform Macau into a smart city of the 21st century by integrating online and offline payments, mobile payment, ecommerce, and local services on a hybrid platform for users and merchants.
AGTech sees the acquisition of Macau Pass as a strategic move that will create synergies with its existing business, particularly in mobile games, entertainment, and non-lottery hardware sales.
Recently, AGTech announced a significant increase in revenue, with lottery hardware sales playing a significant role in driving revenue growth.
