Processing platform developer Global Processing Services (GPS) has announced that it will set up shop in the Asia-Pacific to power FinTech ventures in the region.
The company launched in 2007. Since then, the venture has made its mark in Europe. “GPS has been at the epicentre of the UK’s FinTech revolution, championing our clients to success,” Jo Dewar, CEO of GPS, tells FinTech Global “22 of our clients raised new venture backing over $20m in 2019 alone and three have become FinTech unicorns.”
Indeed, the company has supplied solutions for challenger banks like Monzo, Starling Bank and Revolut as well as banking platform Curve, which recently integrated its solution into Google Pay.
“Now we’re seeing that same revolution in APAC and we’re already getting stuck in to support the FinTech scene, expanding to support our existing client growth and to power the FinTech disruptors across South East Asia,” Dewar continues.
The company will set up shop in Singapore. The state overtook China and India as the country attracting the most FinTech investment in the first six months of 2019. This and the country’s continuous commitment to boosting the industry, including announcing it would reward five new digital banking licences in the next few months has made Singapore the ideal location for GPS.
“Singapore is at the heart of the FinTech revolution across Asia and establishing an office here allows GPS to attract the best people in the region to serve our clients locally, with further offices planned in the region in 2020,” Dewar says.
“We’re thrilled to be working closely with the Economic Development Board, particularly as they’ve been encouraging FinTechs to move east and take part in the flourishing FinTech scene that’s going on in Singapore. We have a great track record in Europe that we’re looking to replicate in APAC, starting with helping existing clients expand into the region while we begin to work with leading APAC players.”
GPS is not the only FinTech business to venture east. Its client Revolut launched its Singapore operations in October and facial recognition and mobile biometrics company FacePhi netted €4m to support its Asian expansion. In the same month, Elliptic, a crypto-asset risk management platform, secured $23m in a Series B round to support its push into the region.
Moreover, the Asian FinTech industry has attracted growing amounts of investment, pushing the number invested into payments and remittances businesses to over $66.3bn between 2014 and the first half of 2019, according to FinTech Global’s data.
“Undoubtedly, the FinTech revolution is shifting east,” Dewar says. “APAC FinTechs are looking for a platform for rapid growth across the region with the APAC retail banking revenue pool is forecast to exceed Canadian $880bn in 2021 and the FinTechs are targeting this market.
“GPS is committed to enabling the enablers of financial inclusion, a passion which is shared by the Monetary Authority of Singapore, to ensure that every citizen has fair and equal access to financial services.
“We’ve already worked tirelessly throughout Europe to lead the way in powering financial products that break down barriers of access, reduce poverty and boost prosperity for individuals globally, and [we] are committed to creating a level playing field where everyone has access to financial products and services that allow them to manage their money.”
The news comes on the back of GPS bagging £44m from private equity firm Dunedin in June 2018.
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