SOUTHEAST Asian payments firm Xendit has integrated Philippine payment gateway Dragonpay into its business, completing an acquisition that began with a strategic investment in 2021 as it expands its presence in the country's digital payments market.
In a statement on Wednesday, Xendit said the integration would allow merchants to access its regional payments infrastructure and cross-border capabilities.
Nazim Ali, Xendit's chief revenue officer, told The Manila Times that the Philippine payments provider had now been placed under the Xendit group.
He said Dragonpay would continue operating under its existing brand and maintain its local presence in the Philippines, while all merchant onboarding would now be handled through Xendit's platform.
Ali added that Dragonpay merchants would gain access to Xendit's regional payments infrastructure, more than 100 payment methods, payout services and cross-border payment capabilities.
He declined to disclose the financial value of the transaction.
Xendit co-founder and CEO Moses Lo, meanwhile, said: "Bringing Dragonpay into Xendit gives Filipino businesses the best of both worlds: Dragonpay's trusted local network and Xendit's regional infrastructure, technology and growing cross-border capabilities."
Dragonpay founder Robertson Chiang said merchants would continue receiving the company's existing services while benefiting from Xendit's technology and regional reach.
"As part of Xendit, our merchants and partners can expect the same trusted local service, now supported by a stronger technology platform, broader regional capabilities, continued product innovation, and robust security."
