Tag: Thunes

Singapore – Global cross-border payment network Thunes has announced the expansion of its acceptance payment network to Indonesia, Malaysia, the Philippines, Singapore, and Thailand to enable global merchants to accept payments via local payment brands.

The network expansion will enable European and international merchants to receive and settle payments from SEA consumers in their currency of choice.

Thunes’ expansion aims to solve the problem of differences in payment methods, with US and European consumers using credit cards as the main transaction method while SEA consumers use alternative payment systems like mobile wallets, ‘Buy Now, Pay Later’, and ‘Real-Time Payment’ schemes.

With the expanded acceptance network, global businesses can now accept payment from local payment brands in Indonesia (Alfamart, DANA, OVO, QRIS, and ShopeePay), Malaysia (DuitNow, Boost, GrabPay, Maybank QR, ShopeePay, and Touch ’n Go), and the Philippines ( Cebuana Lhuillier, GCash, GrabPay, InstaPay, Maya, PESONet, ShopeePay). 

Furthermore, its acceptance payment network also extends to Singapore (Atome, GrabPay, PayLater by Grab), and Thailand (Bangkok Bank, Bank of Ayudhya – Krungsri, KBank, Krungthai Bank, SCB, PromptPay, Rabbit LINE Pay). 

Andrew Stewart, executive vice president of Account Management and Network at Thunes, said, “While Southeast Asia’s rapid growth offers a remarkable and enticing opportunity, the speed of change in this region can pose a daunting challenge for merchants. In order to keep up with ever-evolving consumer preferences, businesses must be agile and provide a range of local payment options.”

“At Thunes, we’ve hand-picked the most relevant payment brands in Southeast Asia to help merchants in gaming, eCommerce, and marketplace platforms enter new markets and expand their footprint. Through our extensive acceptance network comprising 300 payment methods in 90 countries, businesses can easily tap into the vast digital-first consumer market, creating instant connections with millions of potential clients,” he added. 

Singapore – Global cross-border payment infrastructure company Thunes has announced that it has extended its series C funding to US$72m, which comes after a US$60m funding from hedge fund Marshall Wace, alongside Bessemer Venture Partners and 01Fintech.

The extended funding was made possible by investments from global financial service company Visa, alongside EDBI and Endeavor Catalyst.

Thunes aims that through this extended funding, it can support its mission to address the inefficiencies of moving money internationally and create a next-generation payment system that is secure, instant and transparent.

Previously, Thunes and Visa have entered into a partnership in October 2022. In the partnership, Thunes B2B payments platform offered a send-to-wallet capability to 78 digital wallet providers globally. Using an API integration with Visa Direct, Visa’s customers can enable consumers and small businesses to send funds to eligible digital wallets in Africa, Asia, and Latin America, powered by the Thunes global network.

Peter De Caluwe, CEO at Thunes, said, “We’re proud to close Series C with such a strong roster of influential investors. Support from Visa, EDBI and Endeavor is a powerful endorsement of our strategy and capabilities, providing us with additional resources to develop innovative solutions to face industry challenges.”

He added, “By leveraging the insights and support of our investors, we will expand our network and offer businesses and consumers an unparalleled cross-border payments experience. I’m delighted to see an even deeper collaboration with Visa. Together, we will pave the way towards a global payment ecosystem that is inclusive, efficient and ubiquitous.”

Singapore – Global cross-border payments platform Thunes has announced the appointment of new senior vice presidents in the Asia-Pacific, namely Biren Zandani, SVP for Asia Pacific and Daphne Huang, SVP for Greater China.

Zandani, who is based in Singapore, is a recognized payments expert with over 20 years of experience in financial services, particularly B2B, B2P, and P2P payments. Prior to joining Thunes, he was the head of APAC at Transfast, a Mastercard company, where he was in charge of generating revenue and establishing robust network partnerships. He was also the head of business development and network management for SEA and ANZ at Earthport, now Visa Direct.

Meanwhile, Huang, based in Beijing, brings in over two decades of sales, business development, banking, and fintech experience. She was previously the head of China for SWIFT, where she spearheaded its strategic and business development initiatives.

In addition to the two new appointments, Thunes has also appointed other SVPs in other regions, namely Jenna Wyer, SVP for the Americas and Simon Nelson, SVP for the Middle East and North Africa (MENA).

Speaking about the new senior hires, Aik Boon Tan, chief commercial officer at Thunes, said, “We have been ramping up our efforts to piece together a best-in-class team and solidify our leadership globally. The company is now in a position to take on new challenges with an expanded leadership team.”

He added, “We have added four highly talented regional senior vice presidents (SVPs) to complement the strong leadership we already have in Africa and Europe, who together will accelerate our growth of Thunes across the different regions where we operate. And I’m glad to highlight that half of our global SVPs now are women, as diversity in the workplace can only strengthen us as a company.”