Tuxedo plans overseas expansion

CHESTER’S Tuxedo Money Solutions, a provider of payment technology and prepaid cards, is planning international expansion after striking a partnership deal with US-based ABnote.

The company said ABnote, which supplies secure transaction products, would help it expand into Australia before tackling the US market.

Tuxedo’s chief excutive John Sharman said: “ABnote has a solid global reputation as the best in class in the provision of international card production, including contactless technology, and secure document services, such as passports, driving licenses and stock certificates.

“With an emphasis on technological advancement, there is a strong commercial and strategic fit between the two companies, with Tuxedo at the frontline of technological change having invested heavily in the development of its market leading technology platform, the eccount.”
 
Tuxedo plans to open an office in Australia at the end of the first quarter, followed by an office in the US.

Steven Singer, ABnote chairman, said: “We are delighted to announce the affiliation with Tuxedo and look forward to utilising our experience and expertise to support it in its strategic global growth.

“Tuxedo’s proven payment technology solutions, combined with our global presence and 219 years of experience positions both companies to successfully deliver robust end-to-end solutions for payment technology.”