The new venture will be based in Singapore
The international banking and financial services provider, Standard Chartered forged an alliance with Assembly payments, the Australian fin-tech start-up. The joint venture will provide payment solutions to the e-commerce sector globally. This new venture set to headquarter at Singapore will avail of a digital platform to manage online transactions.
This will include mobile, point-of-sale, e-wallet, debit and credit card and real-time payments. These services are already in operation in New Zealand and Australia. The new joint venture is planning to explore new markets set to roll out in mid-February.
Empower merchants and enable financial inclusion
The global e-commerce industry is of $29 trillion, the venture will help merchants across the globe to solve problems. That includes risk management, fraud, integration, reporting, and reconciliation. As per the research done by Knowledge@Wharton, in 2017, the growth of the e-commerce sector been tremendous over the years.
This is due to the adoption and growth of the internet among the population, especially middle-class families. Alex Manson, Head of Standard Chartered’s VC arm SC ventures said, As the world moves towards platform-based e-commerce, the need for the next generation of tools to empower merchants and enable financial inclusion continues to grow. We identified payments as an area where we wanted to make a strategic investment.”
The Co-CEO of the joint venture, Simon Lee emphasized that the company is in a great position to explore the international markets after establishing successful operations in Australia. Assembly Payments has raised about $32 million to date. The major investors for the company were Westpac, Carsales, Reinventure, and Cultivation Capital. In the year 2017, it was successful in raising $10 million in a Series A round. After that, it rebranded its company to PromisePay.