Payment processor Wex Inc. of South Portland is increasing its presence in Asia as a result of a new deal with fuel giant Chevron, the company said Tuesday.
WEX Card Australia Pty Ltd., an Australian subsidiary of Wex, said it has signed an agreement with Singapore-based Chevron International Pte. Ltd. to develop, support and manage a fuel card processing platform for Chevron in five countries: Singapore, Hong Kong, Malaysia, Thailand and the Philippines.
The deal also includes an agreement for Wex to process Chevron’s fuel cards over the next 10 years, it said.
Financial terms of the deal were not disclosed. Wex generally receives a small percentage of the value of transactions it processes.
“These agreements are testament to the capability of the Wex business in the Asia Pacific region,” said George Hogan, Wex International senior vice president, in a news release. “Increasingly we are seeing that Wex is the fuel card provider of choice for the major fuel companies in the region.”
While Wex has already been growing its footprint in Asia, the new deal represents its expansion into three additional countries in the region for the fuel arm of the business: Malaysia, Thailand and the Philippines.
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