Standard Chartered Bank and Australian firm Assembly Payments have set up a new joint venture to bring payment solutions for the global e-commerce industry.
Headquartered in Singapore, the new venture will cover online, mobile, point-of-sale, digital wallets, debit and credit cards, and real-time payments under one digital platform.
As per a press release, the JV will roll out its payment services to global merchants and will seek to support their ambitions to scale and solve key challenges they face in managing risk, fraud, integration, reporting, and reconciliation.
Michael Gorriz, Group Chief Information Officer of Standard Chartered, commented: “Payments is a critical pillar of banking services. Enabling real-time faster payments and high volume transactions have been a core area of investment for Standard Chartered in line with the evolving needs of clients, particularly with the growth of e-commerce platforms and wallet apps. Our venture with Assembly Payments complements these capabilities, giving our corporate clients a complete offering for high throughput inward and outward payments.”
Alex Manson, Head of SC Ventures, the innovation, fintech investment and venture arm of Standard Chartered, 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.”
Also Read: AccessPay and Assembly Payments win SWIFT global fintech competition in Singapore
Assembly Payments is a fintech firm, which has been working to capitalise on the demand for new payment solutions — brought on by the introduction of the country’s fast payment network, the New Payments Platform — in Australia and abroad.
Standard Chartered has actively been experimenting with new business models to meet the evolving needs of banking clients. In Hong Kong, it has established a strategic joint venture with PCCW, HKT, and Ctrip Finance to deliver a new standalone digital retail bank in Hong Kong and has set up virtual banking partnerships in Taiwan and Korea.
It has also set up a digital open platform, Solv, to help small and medium enterprises (SMEs) in India and other markets grow by providing a range of financial and business services.
–
Photo by Sergio Sala on Unsplash
The post Standard Chartered, Assembly Payments form JV to bring payment solutions for global e-commerce industry appeared first on e27.