Cardtrend operates white-label fuel card programs on behalf of key oil & gas industry players that are based in Southeast Asia. Cardtrend provides its customers with customized software solutions allowing them to manage the fuel cards that they issue and distribute, as well as their loyalty programs.
Edenred is thus establishing a foothold in the promising fuel card market in Asia, which has the advantage of a still low penetration rate and a very dynamic economic environment. The Group intends to explore development opportunities across the rest of the value chain, particularly in program processing and issuing. The Cardtrend acquisition will contribute to the Group’s growth over the long term.
With this acquisition, Edenred is pursuing its strategy of developing Expense management solutions, which are targeted to account for over 20% of consolidated issue volume in 2016.