Lottery firm acquires Macau fintech business

AGTech Holdings has acquired Macau Pass Holding and its subsidiaries, it was announced yesterday.

Macau Pass has since 2006 been an electronic payment service provider in the Chinese territory and issued the most commonly used contactless smart card for payments.

Initially used for bus fare payments, it has now expanded into other areas, including gaming, and there are more than three million MP cards in use. Now the total number of mobile payment transactions in Macau has increased from 65.5 million in 2020 to 193 million in 2021.

AGTech is an investment holding company principally engaged in the provision of lottery technical services, notably the development, sale and maintenance of lottery hardware, games and systems.