Indonesia-based FinTech PAYFAZZ has invested $30m into Singapore-based Xfers to create Fazz Financial Group.
The new financial entity will aim to provide financial inclusion through financial services across Southeast Asia. PAYFAZZ and Xfers will maintain their existing names whilst operating under Fazz.
PAYFAZZ co-founder and CEO Hendra Kwik will serve as the group CEO and Xfers co-founder and CEO will serve as the deputy CEO. They will also maintain their positions in their respective companies.
The Xfers platform will act as the designated business-to-business arm of Fazz. It will help connect external merchants to the payment infrastructure and user network. The company currently connects businesses to a variety of payment methods, including bank transfer, e-wallet and offline channels.
PAYFAZZ claims to operate the largest agent-driven banking network with over 250,000 registered agents.
During the second quarter of the 2021, the company will look to launch two new products. The first is a zero-integration payment solution targeted at Singapore-based merchants.
Its second product is a single-integration solution aimed at connecting brands and FinTechs wishing to enter Southeast Asia with local payment methods in the region.
Fazz Financial Group CEO Hendra Kwik said, “Leveraging PAYFAZZ’s vast local Indonesia network and Xfers’ robust payments infrastructure in the region, it was a natural next step for both firms to band together and work towards a common goal. With the newly-formed FFG group, our team will be broadening the combined capabilities to accelerate inclusion through financial services in Southeast Asia.â€
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