Member Article

allpay Limited enters into framework agreement with Lakala

allpay Limited enters into framework agreement with China based Lakala Group Company Limited alongside the China Investment Corporation

23rd October 2015 – The 6th China-UK Internet Forum kicked off at the BIS Conference Center in London. More than 200 delegates from the Cyberspace Administration of China, UK Department for Culture Media & Sport, and the business delegation of Chinese President Xi Jinping’s state visit to the UK attended the event.

allpay Limited, the UK payment collection specialists, entered into a Framework Agreement with Lakala Group, the second largest internet financial services group in China at the event, following an introduction from leading M&A advisor IMAS Corporate Finance LLP.

The ceremony was witnessed by Vice Minister Zhuang Rongen from the Cyberspace Administration Centre, China and Ed Vaizey, Minister for Culture, Communications & the Creative Industries.

allpay and Lakala hope to develop a Sino-UK bilateral payment business together to strengthen the interaction and financial services between the two companies and to help build communication, co-operation and trust between the UK and China internet industries.

It comes at a critical time for the UK, as it looks to strengthen its business relationship with China during President Jinping’s state visit.

Tony Killeen, CEO of allpay said: “We are delighted to be working with Lakala Payment to advance the huge commercial opportunities that exist between China and the UK in the payments field. We are very grateful to IMAS for having initiated this important development for allpay Limited.”

Olly Laughton-Scott, Partner at IMAS Corporate Finance LLP said: “As part of our discussions around acquisition opportunities in the UK financial services sector with the subsidiary of the China Investment Corporation (CIC), we were charged with helping CIC and other Chinese companies expand overseas. We identified the industrial logic of allpay Limited and Lakala Payment working together in the payments field. Whilst the great majority of our work is M&A driven, we look to increase the commercial value of our clients when the opportunity arises.”

-ENDS-

About allpay:

Collecting more than £5bn a year from more than 55 million transactions, allpay is the UK’s leading payment services specialist, offering the widest range of payment collection services. The business is part of allpay Ltd, established in 1994, and headquartered in Hereford, with offices in London and Cheltenham.

allpay works with central government departments, social housing, education, credit unions and debt collection agencies, to facilitate the collection and receipt of revenues. It works with 75 per cent of the top 400 housing associations and a third of all local authorities in the UK. The company works with each of its clients to save them money through creating modern payment and card systems that are both cost effective, and convenient for the end consumer. In addition to bill collection, allpay also operates prepaid cards and cashless technologies for a range of sectors.

For more detailed information visit www.allpay.net

Press contacts:

Chloe Tonkin, Publisher

Bottle PR

T: +44 (0)1865 770381

E: chloetonkin@bottlepr.co.uk

This was posted in Bdaily's Members' News section by allpay Limited .