CoreCard® Expands Into Middle East and APAC Regions - Opening of New Office in Dubai, UAE – Staffed with Former Wirecard employees

Rhea-AI Summary

CoreCard Software, a subsidiary of Intelligent Systems, has announced the opening of a new office in Dubai, UAE, to enhance its processing services across the Asia Pacific, Middle East, Africa, and Europe. This expansion will involve hiring around 50 former Wirecard employees with expertise in the payments sector. CEO Leland Strange emphasized the importance of this strategic growth, stating that the new team will contribute to CoreCard's international objectives, leveraging existing systems to serve multi-currency prepaid card customers and expand service offerings in the region.

Positive

• Opening a new office in Dubai enhances CoreCard's market presence.
• Hiring 50 experienced professionals from Wirecard strengthens operational capacity.
• Expansion supports growth strategy into Asia Pacific, Middle East, Africa, and Europe.

Negative

• None.

NORCROSS, Ga., Oct. 29, 2020 (GLOBE NEWSWIRE) -- CoreCard Software, Inc. (a subsidiary of Intelligent Systems), the leading provider of innovative credit technology solutions and processing services to the financial technology and services market announces the opening of a new office in Dubai, United Arab Emirates. The new office will operate as a subsidiary of CoreCard Software, Inc. and will support CoreCard’s expansion of processing services into new markets in the Asia Pacific, Middle East, Africa and European regions. 

In addition to opening the new Dubai office, CoreCard will be adding approximately 50 resources previously with Wirecard AG in its offices in Dubai, UAE and Chennai, India. The resources include engineering, support, and business professionals with significant payments industry experience and experience operating CoreCard’s Processing platforms in the related regions. 

"The decision to expand CoreCard’s presence into Dubai was a logical next step for our growth strategy. We already have great relationships with the employees we’re hiring, and they have been working with our software for years through a previous license arrangement. We are extremely excited to get everyone on-boarded and contributing to our international growth plan,” said Leland Strange, CEO of CoreCard. “With this expansion, CoreCard plans to continue to use the same systems which already provide services for many multi-currency prepaid card customers in multiple regions. In addition, we plan to expand our service offerings on the platform in the region to include all products including our industry-leading credit card processing products. It will take some time to build our business in the area and we want to get a strong initial base to begin that process."

About CoreCard

CoreCard Software, a leading provider of card management systems and processing services, offers an array of account management solutions to support the complex requirements of the evolving global financial services industry. CoreCard® software solutions provide the market's most feature-rich and flexible platform for processing and managing a full range of card products including prepaid/stored-value, multi-currency wallets, virtual card issuing, instant financing, small loans, point of sale loans, fleet, credit, debit, commercial, government, healthcare and private-label cards as well as accounts receivable and loans. Approximately 70 percent of the debit, credit and gift card transactions in the U.S. each year are processed by companies in Georgia. CoreCard is headquartered in  Norcross, GA with additional offices in Bhopal and Navi Mumbai in India and Romania. CoreCard is a subsidiary of Intelligent Systems Corporation [NYSE AMERICAN: INS]. For more information, call 770-564-8000, email solutions@corecard.com, or visit www.corecard.com.

FAQ

What does the new Dubai office of CoreCard Software signify for the company?

The new Dubai office signifies CoreCard's strategic expansion into new markets, enhancing its processing services in regions such as Asia Pacific, Middle East, Africa, and Europe.

How many employees is CoreCard hiring in its Dubai expansion?

CoreCard is hiring approximately 50 employees previously associated with Wirecard AG.

What is the expected impact of CoreCard's new office on its service offerings?

The new office aims to leverage existing systems and expand service offerings to include a wider range of products, including credit card processing.

When was the new CoreCard Software office in Dubai announced?

The new office was announced on October 29, 2020.

What is the stock symbol for Intelligent Systems Corporation?

The stock symbol for Intelligent Systems Corporation is INS.