2C2P vs GHL Systems
GHL Systems holds the stronger position, showing a track record of actual profit and facing lighter direct rival pressure than 2C2P, which is still integrating under new ownership.
2C2P
Southeast Asia payments processor now rebranded '2C2P by Antom', majority owned by Ant International
GHL Systems
Malaysian payment terminal and gateway operator, now wholly owned by NTT DATA Japan
Dimension by dimension
| Dimension | 2C2P | GHL Systems |
|---|---|---|
| Staying power of the core product | Continues integrating into Ant International as 2C2P by Antom following the acquisition, with the rebrand still underway. | Operates Malaysia's payment terminal and processing network, now under majority owner NTT DATA Japan, with a multi-year operating history. |
| Exposure to AI taking over the product | Same low exposure, payment processing infrastructure is unlikely to be replaced by AI tools. | Payment processing infrastructure is unlikely to be replaced by AI tools. |
| How easily a giant could copy them | A large tech or bank could feasibly build a competing aggregation platform. | A large tech or bank could feasibly build a competing terminal network. |
| Pressure from rivals | Faces competition from Adyen and Airwallex for enterprise and airline accounts, a broader field of well-capitalized rivals, though no customer losses are shown yet. | Faces competition from 2C2P and Airwallex for ASEAN merchant business, with no documented customer losses reported. |
| Financial footing | Reports 38% year over year regional growth and 3,500-plus active merchant accounts, but no profit figure is given. | Reported RM460.37 million revenue and RM28.81 million net income for FY2023, giving a clear profit figure. |
| Ownership and backing | Now majority owned by Ant International under the 2C2P by Antom rebrand. | Now majority owned by NTT DATA Japan, with the stake climbing from 92.71% to 98.8%. |
Questions people ask
- GHL Systems vs 2C2P, which is better positioned for the AI era?
- GHL Systems is better positioned right now, mainly because it faces less competitive pressure and has a documented profit. 2C2P is still adjusting to its new ownership under Ant International and has not shown the same financial clarity.
- Is GHL Systems or 2C2P more exposed to AI replacing its product?
- Neither is very exposed. Both run payment processing networks that are rated unlikely to be absorbed by AI tools.
- Who owns GHL Systems and 2C2P now?
- GHL Systems is majority owned by NTT DATA Japan, with its stake reaching 98.8%. 2C2P is majority owned by Ant International and has been rebranded 2C2P by Antom.
- Which company has stronger financials, GHL Systems or 2C2P?
- GHL Systems shows a clear profit, reporting RM460.37 million in revenue and RM28.81 million in net income for FY2023. 2C2P reports strong growth, 38% year over year, and over 3,500 merchant accounts, but no profit figure is available.
- Could a bigger company easily copy GHL Systems or 2C2P?
- Both are rated as possible targets for a larger company to copy, since payment terminal and aggregation networks can be rebuilt by a well funded competitor. Neither has a rating that rules this out.
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