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ISLAMABAD, Nov 18 (APP): The Competition Commission of Pakistan (CCP) on Tuesday approved the acquisition of Total System Services LLC (TSYS) by Fidelity National Information Services Inc. (FIS) from Global Payments Inc.
The CCP noted that FIS currently provides core banking software solutions in Pakistan, supporting the digital infrastructure of financial institutions. TSYS, meanwhile, offers card-processing systems and is engaged with only two banks in the local market.
Since both entities operate in separate segments of the financial technology services sector and do not directly compete, the Commission concluded that the proposed acquisition does not raise any competition concerns, said a press release.
The transaction is not expected to create or strengthen a dominant position, nor is it likely to substantially lessen competition in the relevant markets.
Accordingly, the CCP has cleared the merger under Section 31(1)(d)(i) of the Competition Act, 2010, which permits approval where no competition issues arise.
The approval facilitates continued growth and innovation in Pakistan’s digital payments and banking technology ecosystem, while ensuring compliance with national competition laws.