Ayannah merges with ECAP to launch new pan-Asian company

Philippines-based Ayannah and India-based Electronic Cash and Payment Solutions (ECAP) have merged to create a pan-Asian company.

The new company, Ayannah Global, will offer accessible digital financial services to the region middle class, according to a report by Tech in Asia.

In addition the combining its services, the company is looking to begin raising a Series B round which will be between $30m and $50m, it said.

Ayannah Global will be headquartered in Singapore and hopes to leverage the location to reach all of Southeast Asia.

The company hopes to take advantage of the region rising appetite for open banking and omni-channel distribution platforms driven by the coronavirus.

Ayannah is an AI-powered platform which helps businesses to launch various financial products including payments, remittances and insurance.

ECAPS offers domestic migrants and the unbanked population of India to access money transfers, billy payments and travel ticketing.

The combined platform will have operations in India, Indonesia and the Philippines, with plans to extend into Vietnam.

An Ayannah Global spokesperson told Tech in Asia, ?Both companies saw huge operational and technological synergies in their products and growth strategy, and a merger will enable the enlarged entity to better reach customers, scale up product development, and expand their reach within Southeast Asia.p>

Ayannah former investors including Wavemaker Partners, Golden Gate Ventures and 500 Startups.

Copyright ? 2020 FinTech Global

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