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<p>PayU, a Netherlands-based payment service
provider for online merchants, has received the approval of regulatory
authorities in Colombia to complete its acquisition of Ding, an electronic
deposit and payment platform.</p><p>The Superintendency of Industry and
Commerce (SIC) and the Financial Superintendence of Colombia (SFC) deliberated
in favour of the transaction, PayU said in a statement.</p><p>The approval comes months after PayU
entered into an acquisition agreement with Credibanco, a Colombian company and the owner of
Ding.</p><p>Last year, PayU <a href="https://www.financemagnates.com/fintech/payments/payu-buys-payment-technology-firm-wibmo-for-70-million/" target="_blank">bought Wimbo</a>, a payment technology firm that specializes in processing online payments, for $70 million.</p><p>Francisco León, the CEO of PayU Latin
America, noted that the new acquisition of Ding will help the company to respond to the permanent challenges arising from the market.</p><p>"PayU has accompanied the evolution of
<a href="https://www.financemagnates.com/tag/payment-app/" target="_blank">online payments</a> in Colombia and the company now seeks to expand its scope of
services to boost the financial inclusion of small and medium-sized companies
in the country," León said. </p><p>Also speaking, Mario Shiliashki, the CEO
of the PayU Global Payments Division, noted that Colombia is the company's most
important hub in Latin America.</p><p>"This is undoubtedly one of the most
relevant moves in <a href="https://www.financemagnates.com/tag/colombia/" target="_blank">the Colombian financial market</a>, reflecting PayU's desire to
build substantial online businesses for merchants and consumers who offer
useful products and services to millions of people in their everyday life,"
Shiliashki explained.</p><p>Also contributing, Juan Vargas, the
Country Manager of PayU in Colombia, explained that PayU's strategic vision is to
leverage small and medium-sized businesses in the country. </p><p>The acquisition, therefore, "will be a
cornerstone in this important purpose," Vargas said.</p><p>"PayU is a brand that is present in the
hearts of Colombians, not only because of its credibility, solidity and experience,
but also because it was born from a venture in the country," the Country
Manager added.</p><p>Online Payment in Colombia</p><p>According to PayU, Colombia, over the past few years, has seen a unique transformation of its financial systems. </p><p>This transformation has made the country's
market more dynamic, especially with the injection of new players into the industry.</p><p>PayU believes that its acquisition will
boost innovation and competition in Colombia's digital payments industry while
also driving inclusion.</p><p>"This operation [acquisition] is fully aligned with the
general vision of the fintech ecosystem in Colombia, and it is a key objective
for PayU in all communities that it partakes in," the company explained.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.