Standard Chartered has begun a joint venture with Assembly Payments to create new payment solutions.
The new company will be headquartered in Singapore but has ambitions of growing globally. It will offer a digital payment platform which can manage transactions across transaction methods such as online, mobile and point-of-sale, digital wallets, debit and credit cards, and real-time payments.
Their new enterprise will rollout its payment services to global merchants, supporting their ambitions to scale and overcome challenges with managing risk, fraud, integration, reporting and reconciliation.
Australia-based Assembly Payments is a multi0channel capability which provides a unified way of accepting payments digitally and instore. Its technology supports real-time payments, digital wallets, outbound payments and invoice payments.
Assembly Payments co-CEO Simon Lee said: “This deal creates a once in a lifetime opportunity for Assembly. We have created a significant business in Australia and now, together with Standard Chartered, we are well placed to crack the international payments market and exponentially grow the business.
“We are also proud that this is one of the first major global fintech deals between a global bank and a major Australian FinTech company.”
Standard Chartered has been creating new business models over the past year. In Hong Kong, the firm has formed strategic partnerships with PCCW, HKT and Ctrip Finance to offer a standalone digital retail bank in Hong Kong. It has also established virtual banking partnerships in Taiwan and Korea.
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