Tag: FIntech

Hanoi, Vietnam – Local bank VPBank in Vietnam has signed a partnership agreement with iGTB, the fintech platform of Intellect Design Arena, to enhance its corporate and SME customer’s experience, as well as operational efficiency.

The partnership is aimed to bring the bank closer to the goal of being the most customer-friendly bank through technology in 2022 with iGTB’s products and services for its corporate, commercial and SME clients.

According to VPBank’s CEO Nguyen Duc Vinh, they will continue to improve customer experience and expand the business ecosystem through a new and efficient digital technology, which will transform its cash management. He also added that they are set to significantly increase the competitive edge for the bank and retain their leadership position as a preferred bank of choice for both SME and for corporate customers.

“VPBank has always been a pioneer in selecting the most up-to-date technology to power accelerated digital transformation. Strengthening our IT Infrastructure to enable and automate digital strategy is our key to improving productivity by 20-30% in order that we stay ahead of the competition. This is why harnessing disruptive digital IT initiatives is currently a major priority for us,” Duc Vinh said.

Meanwhile, Manish Maakan, CEO at iGTB, commented that the partnership powered by iGTB’s global expertise in transaction banking technology will help VPBank achieve its goal of becoming the most customer-friendly technology-driven bank and the most valuable bank in Vietnam.

“I am proud that this latest VPBank deal transformation deepens Intellect’s portfolio to a dominant position in Vietnam. Our investments into iGTB Cash Cloud and iColumbus.ai platforms are the keys to a faster go-to-market, so that our client portfolios across APAC, Middle East, Europe and Americas can realise early returns on their technology investments,” Maakan said.

He added, “Our simultaneous market-depth strategy is a result of years of investment into local Vietnamese regulations & payment systems, backed by iGTB’s local relationship managers and delivery teams out of Hanoi, and our longstanding partnership with Vietnamese FPT Information Services.”

This transformative cash management platform aims to delivers a seamless customer experience with a completely digital integrated transaction banking suite of iGTB’s cash management, trade finance, payments, account services, collections and liquidity ,management powered by its front-end contextual banking experience (CBX) platform.

Manila, Philippines – Voyager Innovations, the local technology company behind end-to-end money platform PayMaya and neobank Maya Bank, has recently raised US$210m in funding, bringing its total valuation to unicorn plus status, at nearly US$1.4b.

Through the funding, the company will use the new funds to launch Maya Bank services, such as savings and credit, which will be offered seamlessly across PayMaya’s platforms for consumers and enterprises, including micro, small, and medium-sized enterprises or MSMEs. It will also continue to expand PayMaya’s offering with new products like cryptocurrency, micro-investments, insurance, and more, as the all-in-one money app of the Philippines.

The funding round was led by SIG Venture Capital, the Asian venture capital arm of Susquehanna International Group. Other new investors include Singapore-based global investor EDBI and investment holding company First Pacific Company Ltd.

Other partners include Voyager’s existing shareholders, namely telecom PLDT, global investment firm KKR, tech giant Tencent, the International Finance Corporation (IFC), and the IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund, two funds managed by the IFC Asset Management Company (IFC AMC), a division of IFC.

Orlando B. Vea, Voyager and PayMaya CEO/Founder, said, “Our strong record of execution and innovation is a testament to our world-class team’s hard work and talent. With this milestone, we are excited to leap forward and bring the best of PayMaya and Maya Bank to help unlock the digital economy for the underserved and unbanked Filipinos.”

Meanwhile, Shailesh Baidwan, president at Voyager and PayMaya, commented, “The strong endorsement from our new shareholders and participation of our existing investors in this fundraising validates the company’s ability to expand into neobanking and add new cutting-edge financial products and services. We are excited to bring more game-changing innovations to millions of consumers and MSMEs with our integrated ecosystem as we address the pent-up demand for financial services.”

The integrated ecosystem approach by Voyager Innovations uniquely positions it among e-wallets, banks, and fintech players in the Philippines. PayMaya serves all segments of consumers and enterprises with a widely used consumer e-wallet app, the leading enterprise payment processing business, and the most extensive on-ground agent network, Smart Padala.

Manila, Philippines – The Philippine-based tech investment firm, First Shoshin Solutions Inc. (FSSI), which was co-founded by the country’s ex-congresswoman Sally Ponce-Enrile in 2017, has partnered with female finance platform Bixie to empower Filipino women to become financially independent. 

FSSI delivers digital innovation in the country through its online consultation platform JojoCare and digital payment platform JoJoPay, while Bixie provides women with an AI-powered finance app that encourages savings and wealth generation through knowledge, network, and tools.

Under the partnership, Bixie will be leveraging FSSI’s APIs and other integrations such as blockchain and banking partners as well its Operators of Payment Systems (OPS) license with Bangko Sentral ng Pilipinas (BSP). This collaboration with FSSI also provides Bixie with the ability to scale its offerings to become a central access point for its clients’ convenience.

Sally Ponce-Enrile, the co-chairperson of First Shoshin Holdings Corp. (FSHC), commented that they are thrilled to partner with Bixie and extend its mission of providing better finance management for Filipino women. 

“Bixie and FFSI share the vision of banking the unbanked majority. With our digital payment capabilities, we are humbled to scale Bixie’s comprehensive app and be a part of their movement to provide better ways for women to manage their money,” said Ponce-Enrile.

Manila, Philippines – Philippine-based fintech startup NextPay has expanded its digital payment solutions with the introduction of ‘Email Money’, the first-of-its-kind payment service in the country that allows users to transfer money to any bank or e-wallet without the need for the recipient’s account details – only an email. 

‘Email Money’ is one of the digital banking solutions that NextPay developed through the US$1.9m funds that it has raised from its pre-seed and seed funding rounds in 2021.

The new service adds another layer of privacy, especially for small businesses that use their personal bank accounts for their transactions. It also lessens the instance of human error, as the sender does not need to input long bank account details, reducing the process of manual verification.

To send money via email, the fintech users simply have to choose ‘Email Money’ under the recipient’s receiving option and input the recipient’s email and phone number. Once the transfer has been completed, the recipient will receive an email to notify them of the transaction. Recipients may then choose which bank or eWallet they would like to receive their funds and confirm their identity with a one-time password, giving them full control and flexibility, while allowing them to instantly receive the funds. 

Both the sender and receiver will receive notifications when the funds have been successfully received. If the link remains unopened after the availability period, the funds will be transferred back to the sender’s account.

Don Pansacola, NextPay’s chief executive officer and co-founder, shared that they are giving the customers more options to transfer funds through ‘Email Money’.

“By introducing the country’s first payment service that enables users to transfer money to any bank or e-wallet via email, we are empowering NextPay customers to streamline their financial needs and allow them to focus on growing their business,” said Pansacola.

Meanwhile, Aldrich Tan, NextPay’s chief experience officer and co-founder, said, “We constantly pursue new innovations that are relevant to our target market – the micro, small and medium enterprises. Email Money is a solution fit for businesses that need to process refunds or for those who want to settle their obligations early to finalize their book.”

Artie Lopez, NextPay’s head of growth and co-founder, commented, “We will continue to make strides in achieving our goal of putting the power of big banks to growing businesses by constantly pursuing innovation.”

NextPay plans to introduce more financial tools and services tailored for MSMEs this year, including cryptocurrency services, bills payment, lending, and corporate cards.

Dhaka, Bangladesh – Indonesia-based financial wellness platform wagely has announced that it has added up US$8.3m in funding from their oversubscribed pre-series A funding, which will be used to help workers access their earned salaries on demand in Bangladesh, in addition to their local Indonesian market.

The funding round was led by East Ventures (Growth Fund) with participation from existing backers, including Integra Partners, the Asian Development Bank, Global Founders Capital, Trihill Capital, Blauwpark Partners, and 1982 Ventures.

Wagely’s funding follows their latest expansion to Bangladesh, to which CEO and co-founder Tobias Fischer said that they are honoured to offer their financial wellness platform to leading apparel manufacturers in Bangladesh, including SQ Group, Classic Composite, and Vision Garment.

“We are proud to be successfully operating in two of the largest markets in Asia, employing more than 150 million workers. Instant access to salary plays a pivotal role in reducing costs for employers and increasing the productivity and well-being of workers,” Fischer said.

The platform also disclosed that it secured the backing of Central Capital Ventura, the VC arm of Indonesia’s largest private bank, Bank Central Asia (BCA). The investment into wagely underpins the commitment to expand the digital financial ecosystem and drive financial wellness solutions across Indonesia.

Launched in 2020, wagely is building a holistic financial wellness platform with earned wage access (EWA) at its core that lets workers of partner employers access their earned wages in real-time.

In addition, the new capital will enable the company to accelerate its market-leading position in Indonesia and Bangladesh and spur the development of its holistic financial wellness platform, which the company plans to start rolling out later this year.

Kuala Lumpur, Malaysia – Axiata’s fintech arm Boost has launched a one-stop storefront solution for Malaysian gamers called ‘Game Connect’ through its regional cross-border payment and customer growth platform provider subsidiary Boost Connect.

Boost Connect’s innovative storefront solution caters to its clients’ and partners’ needs to meet the rapid growth in consumer demand for digital content across gaming and entertainment. It also allows clients and partners to quickly ramp up their offerings to enrich their end-users’ digital lifestyle demands while driving more traffic to their services, achieving better customer retention, and expanding their revenue streams.

The storefront was developed for Boost Life, Malaysia’s consumer eWallet and digital lifestyle payments platform. This announcement also follows Boost’s launch last year of a similar Storefront for Cambodian telecommunications giant Smart to tap into the game voucher market there.

‘Game Connect’ will provide gamers with an end-to-end solution for their gaming needs. The new storefront currently allows for the discovery and seamless purchase of gamers’ favourite game reloads and vouchers. As a start, Game Connect features 63 titles in the store including must-have mobile titles like Mobile Legends, Genshin Impact, PUBG, and Roblox. Also available are vouchers for stores including Playstation, Unipin, Razer, Google Play, Garena, and Steam, as well as Nintendo, and Amazon.

Sheyantha Abeykoon, Boost’s CEO, shared that their aim is to create an inclusive digital ecosystem with accessible solutions that cater to the digital lifestyle of their customers. 

“Game Connect is part of our efforts to offer gamers a one-stop solution and easy access to purchase game credits, vouchers and more through one platform,” said Abeykoon.

Meanwhile, Raja Mansukhani, Boost Connect’s CEO, commented that they are excited about this launch, Game Connect offers Boost Life the opportunity to enhance its product value proposition, and at the same time, it provides the esports and gaming community in Malaysia a better and more convenient customer experience and meets the ever-increasing demand for gamers. 

“This is our second storefront solution deployment within the region and there’s an increasing demand for proactive product propositions like these across our client base,” said Mansukhani.

Boost said that game pass subscription, gaming devices and peripherals, entry passes to gaming tournaments, as well as a ‘Pay Later’ feature for games and devices will be made available through 2022. More gaming providers and partners will also be added in the near future. Boost Game Connect can be accessed via both the Boost app and a dedicated storefront website.

Kuala Lumpur, Malaysia – BigPay Later, a wholly owned subsidiary of Capital A’s venture company BigPay, has announced the launch of its first personal loan product. This makes BigPay the first product to have a full digital personal lending product as part of its offering in Malaysia.

As the overwhelming demand for personal loans products continues to increase, it will be rolled out to more users over the coming weeks. In addition, BigPay Later Personal Loans is currently available to selected users.

Salim Dhanani, CEO and co-founder at BigPay, said that they believe that the launch of their personal loans product is unique with the level of transparency, the ease of use and the way in which they do their credit scoring that doesn’t only look at the history of past loans, but also at customer behaviour. He added that the launch of the personal loans product brings them one step closer to bridging the financial inclusion gap.

“The pandemic has highlighted how important it is that people have access to versatile, easy-to-use financial solutions. Many underserved demographics in Malaysia lack access to the credit they need because they do not have the typically “acceptable” credit history which is required by traditional banks – this directly impacts the ability to build long term financial standing. We have always been committed to democratising financial services through accessibility and education across Southeast Asia,” Dhanani said.

Meanwhile, Tony Fernandes, CEO at Capital A, commented, “We are very proud of BigPay Later’s launch of the first digital personal loans product. BigPay has the ability to leverage Capital A’s rich database and customers that have strong loyalty to our brands. BigPay shares the same ethos and principles as Capital A and AirAsia: focusing on affordability, accessibility as well as inclusivity. We are excited that we can disrupt once again and give the common man, from SMEs, small entrepreneurs to the mass public, the same accessibility to easy, simple loans and other outstanding financial services.”

The company notes that BigPay Later’s personal loans have competitive interest rates which are lower than standard credit card rates and easier to apply for with it being an all digital process. Users can generate an instant quote using the in-app loan calculator to ensure affordability, then fill in their personal details via the app to apply. 

Additional documents are not usually required and the application can be approved within minutes. The personal product issued by BigPay Later is fully regulated by Malaysia’s Ministry of Housing and Local Government (KPKT).

Manila, Philippines – Singapore-based fintech Volopay has successfully raised US$29m in its latest series A funding, which they aim to fuel their expansion into the Philippines. Said investment round was made possible by JAM Fund, the Winklevoss Capital Management, Rapyd Ventures, Accial Capital, fintech veteran and angel investor Jeffrey Cruttenden, CEO of Acorns. 

Other investors present include Access Ventures, Antler Global, and VentureSouq.

Volopay’s foray into the Philippine market aims to tackle two of the most pressing problems that SMEs and startups face: high Forex (FX) charges incurred for international payments and the lack of a uniform platform to access all spend data. 

Through the market expansion, Volopay provides companies with multi-currency wallets to hold money in PHP and any major currency – USD, SGD, EUR, GBP – and subsequently use it for payouts, eliminating exorbitant amounts of FX charges levied on international payments.

Rajith Shaji, co-founder and CEO at Volopay, said, “Volopay is an ambitious project. To build an alternative to Volopay, you would have to launch five different startups. We are building the control centre for modern companies for all their financial management needs. Our platform is as easy and seamless to use for a five-person company, as it is for a 500-person company. We want to take our vision of a unified spend management platform to all companies across the world after our initial markets of APAC and MENA.”

Through constructing their own infrastructure, Volopay will enable their global clients to eliminate the need for integration with multiple third-party financial services platforms, delivering a consistent and delightful customer experience regardless of the region they are operating in.

Meanwhile, Rajesh Raikwar, co-founder and CTO at Volopay, commented, “With APAC & MENA making a big wave on the global stage by churning out several unicorn level enterprises every year, accelerating their growth requires an efficient expense management tool that is simple yet scalable, something that Volopay has always aimed for.”

Part of Volopay’s Series A funds will be put towards their forthcoming market launches, building and innovating new technologies to complement their existing product, in addition to enhancing integrations with leading enterprise software and project management applications. The company is also hiring aggressively for key positions in each of its markets. 

Volopay aims to disrupt traditional business banking and aims to be adopted as the single and only solution growing, global businesses need for their cards, invoice automation, and bill payments along with the added bonus of a multi-currency business account without the hassle and limitations of a traditional bank.

Karachi, Pakistan – Pakistan-based fintech NayaPay has raised US$13m in one of the largest seed rounds in South Asia, which was led by Zayn Capital, global fund manager MSA Novo, and early-stage VC Graph Ventures from Silicon Valley, as well as the participation of Singapore-based Saison Capital, amongst many others.

NayaPay aims to be at the forefront in the digitisation of Pakistan with its two-sided platform for the underbanked. The fintech has launched its chat-led super app targeted primarily at students and freelancers, and is building a SaaS-based platform called NayaPay Arc offering universal payment acceptance and financial management tools for SMBs. NayaPay’s platform strategy will harness the network effects between consumers and merchants, as seen in platforms such as Square Cash/Square, WeChat Pay, and AliPay as well as Venmo in their native markets.

According to NayaPay, Pakistan presents a significant market opportunity for the platform, where over 50 million adults are unbanked and only 33% of women have a bank account. With 70% of the population under 35 years old, there is a significant mobile-first generation. It also said that almost US$4t payments are made each year but only 1% of these are made digitally currently, while on the merchant side, the majority of SMBs in Pakistan are unregistered. They only have traditionally dealt primarily in cash, and have very limited access to business banking.

Danish A. Lakhani, NayaPay’s founder and CEO, shared that micro, small and medium businesses make up 90% of the merchant base in Pakistan and yet they are underserved when it comes to access to basic financial services. 

“NayaPay Arc will provide universal payments acceptance and a range of business financial management tools to empower entrepreneurs and small business owners. The tools are intended to give business owners visibility of their cash flows, pay suppliers and grow sales. Our goal is to enable them to focus on growth while we take care of the rest. By helping small businesses harness the power of technology, we believe we can transform the Pakistani economy,” said Lakhani.

Meanwhile, Faisal Aftab, Zayn Capital Frontier’s managing partner and co-founder, commented that they were impressed by the completeness of the vision of the founding team at NayaPay, and their differentiated platform-based strategy, first focused on servicing the needs of underbanked consumers and SMBs with specific use cases and building out from there. 

“With a proven ability to execute on the ground, the founder has an impressive track record of building and scaling businesses in Pakistan, including the country’s largest fibre broadband service, StormFiber,” said Aftab.

Omar Siddiqui, Graph Venture’s general partner, said that they are excited to see the mobile and fintech technology trends that have empowered consumers in these markets also emerge in Pakistan. 

“NayaPay already offers the most robust solution for consumers to access next-generation financial conveniences in Pakistan, and we look forward to working with the team as they roll out new products and grow their consumer base,” added Siddiqui.

Vietnam – The Vietnam Payment Solution Joint Stock Company or VNPAY has entered into a partnership with global payments company Visa to improve the digital payment experience in Vietnam.

Through the partnership, Visa and VNPAY will bring digital payments closer to Vietnamese users by strengthening and expanding the network of partners accepting electronic payments, and cooperating to deploy new services to users as well, including a solution to accept contactless payments via mobile phones (Tap to Phone), Visa prepaid virtual cards, Visa Direct money transfer and receipt services and instalment solutions Visa Installment Solution (VIS).

In addition, Visa and VNPAY will launch several payment solutions in the local scene, typically a solution to accept contactless payments via mobile phones (Tap to Phone). When merchants deploy this solution, any Android smartphone or tablet can become a contactless payment acceptor, operating on a software application and no hardware support is required.

Nguyen Tuan Luong, vice chairman of the board of directors at VNPAY, said, “Visa is the world’s leading multinational payment technology company. VNPAY believes that the strategic partnership with Visa will continue to promote digital payment trends, bringing many useful solutions to users and business partners in VNPAY’s network. This also makes the digital transformation process of businesses easier, creating stronger and more sustainable growth through electronic payment solutions.”

Meanwhile, Dang Tuyet Dung, director of Visa Vietnam and Laos, commented, “The strategic partnership with VNPAY will accelerate the ongoing digital transformation and cashless payment process in Vietnam. Along with making VNPAY partners and users a part of Visa’s secure and reliable digital payment ecosystem, the deployment of digital capabilities of both sides also helps to expand the electronic payment network. death of Visa and drive adoption of contactless payments.”