ISLAMABAD: The Competition Commission of Pakistan (CCP) has given its approval for Fidelity National Information Services Inc. (FIS) to acquire Total System Services LLC (TSYS) from Global Payments Inc. The deal was cleared after the CCP determined that it would not pose any competition risks within the local financial technology sector.
FIS, which provides core banking software solutions in Pakistan, and TSYS, which offers card-processing systems to a limited number of banks in the country, operate in distinct segments of the market. The CCP concluded that since the two companies do not directly compete in the same area, the acquisition would not lead to a dominant market position or reduce competition.
The commission approved the transaction under Section 31(1)(d)(i) of the Competition Act, 2010, which allows deals that do not present competition issues. This approval is seen as a step towards fostering growth and innovation in Pakistan’s digital payments and banking sectors, while ensuring compliance with national competition regulations.
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