In the continuity of the reorganization of HPS Group implemented on January 1, 2022, the Board of Directors met on February 3^rd 2022 to validate the creation of a new organizational entity: the entity “Business Innovation.”

The new Business Innovation entity

To support its development plan, HPS Group has decided to structure and set up a team dedicated to identifying and developing new business opportunities around payments.

The rapid changes in the payment industry favour the emergence of new players and/or new business models for which the Business innovation Entity will develop solutions and offers adapted around the PowerCARD technology. These new activities will be carried by the Business Innovation entity until maturity, where they will then be taken over by the other entities of the Group to make them new sources of growth.

The Business Innovation entity will have the following mission:

• Identify new areas of growth around the payment business
• Build complete offers around PowerCARD to address the identified needs and support these new activities until maturity
• At maturity, transfer these activities to other Group entities to bring their development to an industrial scale
• Identify opportunities for external growth to accelerate the launch of new activities within HPS Group

Management of the Business Innovation Entity

The General Management of the Business Innovation entity is entrusted to Garry Ceaplen.

Garry Ceaplen began his career in the payment industry in 1986 when he joined TSB Trustcard, one of the then leading card issuers in the UK. With more than 35 years of experience, including Visa, American Express, and various banks, Garry has a very solid understanding of the payment industry and the future challenges related to its rapid transformation. He was Chairman of the Kuwait Banking Association’s Bank Cards Committee from 2016 to 2018, and was a member of the Visa CEMEA Risk Board.

Garry Ceaplen, as Managing Director – Business Innovation, will be a member of the Group Executive Committee.