By Press Release
During its annual general meeting on June 24, global payment technology and processing provider RS2 announced a strategic partnership with Visa, the world leader in digital payments. The company also reported solid financial progress, with profit before tax rising to 鈧2.2 million 鈭 up 鈧0.8 million on the previous year 鈭 and EBITDA reaching 鈧5.4 million, a 鈧1.3 million increase over 2023. The new partnership with Visa will deliver a fully integrated, end-to-end global payment processing solution for banks, fintechs and merchants. Visa鈥檚 front-end authorisation capabilities will be combined with RS2鈥檚 back-end infrastructure to create a seamless, scalable and secure platform for clients across international markets. 鈥淭his partnership marks a pivotal milestone in RS2鈥檚 international growth journey,鈥 Radi Abd El Haj, CEO of RS2, said. 鈥淏y merging Visa鈥檚 world-class authorisation capabilities with our flexible back-end technology, we鈥檙e providing customers with a seamless solution designed for speed, performance and global expansion.鈥 Initial implementations are already under way in Europe and Latin America, with accelerating demand from financial institutions seeking next-generation infrastructure. Built on RS2鈥檚 API-first, cloud-native platform and integrated with Visa鈥檚 value-added services and global network, the solution allows clients to deploy new services rapidly, meet compliance obligations, and operate efficiently across borders. At the AGM, chairperson Mario Schembri said 2024 was 鈥渁 year of transformation, steady progress, and forward momentum,鈥 noting that RS2 had achieved these results despite geopolitical and economic headwinds. 鈥淲e delivered good results and closed the year on a solid financial foundation, highlighting our resilience and operational efficiency,鈥 Schembri told shareholders. The CEO outlined continued progress across RS2鈥檚 three business lines 鈭 licensing, processing, and merchant acquiring and card issuing 鈭 as well as the company鈥檚 ongoing expansion into new geographies and diversification of its product portfolio. He also highlighted sustained investment in platform enhancements and innovation, including strategic cost and capacity optimisation measures that supported future growth without com-promis-ing service delivery. Group CFO Fiona Cascun explained that no dividend was being proposed for the year, in line with RS2鈥檚 strategy to prioritise reinvestment in technology and market expansion. 鈥淲e are confident that these decisions will yield greater value over the medium term,鈥 she said. The AGM was well attended, with shareholders expressing strong support for RS2鈥檚 long-term vision and recent developments. 鈥淭his latest Visa partnership, together with our improved financial performance, continues to underscore RS2鈥檚 growing role in reshaping global payment infrastructure and reflects our commitment to innovation, agility and shareholder value,鈥 the CEO concluded.