HONG KONG, March 12, 2024 /PRNewswire/ — Black Bear Merchant Services Limited ("BBMSL"), a pioneering payment service provider in SME payment market, today announced an ambitious transaction volume target of $16.2 Billion HKD for Fiscal Year ending 31 March 2025. This projection is a cornerstone of BBMSL’s strategy for operational excellence and growth, coinciding with the company’s plan of going public within the next 24 months.
The announcement comes on the heels of a year of record-setting performance, with total transaction volume for 2023 surpassing $9.44Billion HKD, a growth of over 34% from the $7.03Billion HKD recorded in 2022. This remarkable growth not only demonstrates BBMSL’s operational prowess but also the enduring trust and loyalty of its merchant base.
The fiscal foresight of BBMSL is exemplified by its notable achievements in 2023, which include the acquisition of Kuroshio Digital Capital Co., a company delivering payment solutions to SMEs in Taiwan, and the planned acquisition of an emerging POS company in Hong Kong. Moreover, BBMSL has forged a strong partnership with HKBN Enterprise Solutions (HKBNES), a leading ICT provider and division of HKBN Group and launched BBHub and Merchant Cash Advance services, further diversifying its financial offerings. These milestones reflect the company’s dynamic approach to growth and its commitment to innovation, which, alongside the consistent trust from SMEs, resulted in the record growth.
In preparation for the IPO and to support anticipated mergers and acquisitions, BBMSL is undergoing a comprehensive strategic restructuring. This initiative aims to optimise the company’s organisational structure, expand targeted core businesses, digitalise and streamline responsibilities, and refine resources allocation. These steps are vital to the company’s strategy for global expansion and will further solidify BBMSL’s presence in essential markets across Malaysia, Singapore, Taiwan, Australia, and Thailand.
"Our fiscal projections and the restructuring are in line with BBMSL’s long-term strategy to not only enter the public market but to also ensure we are prepared for the next stages of our growth, particularly in the area of mergers and acquisitions," said Gerald Yu, Group CEO, at BBMSL. "We are focused on scaling our operations, enhancing our service offerings, and attracting industry-leading talent to support our expansion and deliver on our promises to customers and shareholders."
As BBMSL lays the groundwork for a successful public offering, its commitment to delivering unmatched service quality and value to its customers remains unwavering. The company also reiterates its intention to foster deeper collaborations with strategic partners, ensuring that each step taken towards growth also elevates the success and prosperity of its merchants, shareholders, and the broader BBMSL group.
About BBMSL
Headquartered in Hong Kong, established in 2017 in Hong Kong, has positioned payment technology at the core of its operations. BBMSL provides a comprehensive suite of services encompassing offline-to-online payment system integration, transaction processing, collection management, settlement services, and tailored small and medium-sized business loan solutions. Currently, BBMSL serves an extensive portfolio of over 16,000 small and medium-sized business merchants in Hong Kong.
This press release contains forward-looking statements about BBMSL’s future expectations, beliefs, hopes, intentions, or strategies regarding the future, including the company’s operational outlook. All forward-looking statements involve a number of risks, uncertainties, or other factors that could cause actual results or performance to differ materially from the expectations expressed or implied by these forward-looking statements.
Investors are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. BBMSL does not undertake any duty to update any forward-looking statement whether as a result of new information, future events, or changes in its expectations, except as required by law.
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