Singapore-based fintech company, MatchMove announced that it is making a strategic investment an agreement with local e-commerce enabler Shopmatic. This investment will enable MatchMove to extend its ‘Banking-as-a-Service’ wallet capability to Shopmatic’s ecosystem of more than 435,000 e-commerce small and medium enterprises (SMEs) and individual entrepreneurs across the region.
MatchMove’s out-of-the-box solution enables clients to launch their own branded payments platform. Its service comprises the end-to-end business architecture – including key partnerships with regulators, card networks and financial institutions, along with all backend processing and regulatory compliance and reporting required to manage financial products.
Shopmatic is an international e-commerce platform company specializing in providing turnkey solutions to SMEs wanting to set-up an online store. This includes the entire ecosystem from setting up the store-front, payment, shipping and logistics integrations, selling across multiple channels, to sales management and customer support. The Shopmatic platform is integrated with a variety of channels and marketplaces including Amazon, Lazada, Q10, Shopee, as well as social media platforms like Facebook and Instagram.
Through this partnership, MatchMove will power digital payments and cross border remittance capability to enable these SMEs selling online to make as well as receive payments seamlessly from their customers and suppliers in a safe, secure and cost-effective manner. Over time, these SMEs can build a credit-score against which they can access loans for their capital requirements.
This announcements comes a few weeks after MatchMove revealed that it has partnered with homegrown finance company Singapura Finance Ltd (which holds about 1.6% of MatchMove shares) and two others – Lightnet, a Bangkok-based blockchain venture, and London-based fintech startup OpenPayd – to apply for one of the full digital banking licenses to be granted by the financial regulator later this year. In September last year, MatchMove acquired a strategic stake in peer-to-peer lending platform MoolahSense.
(Sources: MatchMove; Pymnts; Tech in Asia)