A Dynamic Approach to Business

Posted in: SCMP Iceland Business Report Started by

A Dynamic Approach to Business

As one of Iceland’s leading online and e-commerce payment solutions companies, Valitor has become the largest issuer of credit cards in the country. Information collected by the company from credit card transactions proves that Iceland’s economy has rebounded significantly. Chinese investors are today keen to engage with a resilient Icelandic economy and are paying particular attention to the country’s dynamic Information Communication Technology sector.


“Consumer sentiment has returned, international card usage has increased and our tourism industry is doing exceptionally well,” says Vidar Thorkelsson, Chief Executive Officer of Valitor. “During the crisis, contrary to what typically happens in other countries,


Vida Thorkelsson, CEO, Valitor

the Icelandic community practiced their own personal austerity measures to avoid accumulating debt. This represents the pragmatic and sensible approach of Icelanders and explains why we rebounded from the crisis relatively quickly.” Iceland has one of the highest card penetration rates in the world at eighty percent. Valitor issues a remarkable sixty percent of all cards issued in Iceland.

The company has accumulated knowledge and expertise over three decades. The company works in close collaboration with Visa EU and MasterCard and has long established partnerships with international banks.

“We have been developing a relationship with China Union Pay and have integrated their services into our system,” says Thorkelsson. “I am a strong believer in using software technology solutions to help consumers. Our issuing and acquiring software solutions do that in a unique way”.

As Valitor continues to establish effective business relations across Europe, Thorkelsson has his eye on the Asian Market “We have seen our company grow in Europe during the last few years and we’ve been successful in exporting our knowledge and solutions to our European partners. We have a dynamic development team delivering tailor-made solutions to customers. While our strategy has focused on Europe, we find the increasingly important Chinese market a very interesting option for future development”.

The Company


Financial services, online and e-commerce payment solutions

Our Location:

Dalshraun 3, 220 Hafnarfjörur, Iceland