Finology Group, an Asia-Pacific based FinTech firm, is making waves in the world of embedded finance.
While the exact amount remains undisclosed, their recent pre-Series A round has garnered significant attention. The investment was spearheaded by Silverlake Group and saw keen participation from The Hive Southeast Asia, a recipient of the Dana Penjana Nasional programme which operates under the jurisdiction of Penjana Kapital (entirely owned by Malaysia’s Ministry of Finance) and the Malaysian Technology Development Corporation (MTDC).
Finology primarily stands out for its innovative methodologies in enhancing financial access. They do this through their trailblazing lending and insurance solutions which are powered by API.
Robin Ang, the Group CEO and Co-Founder of Finology, highlighted the company’s goal to enhance financial inclusion in the APAC region using embedded finance. With this new injection of funds, the firm aims to bolster its technology to ensure that financial products are effortlessly accessible and streamlined for everyone, irrespective of their location.
A recent study conducted by Google, Temasek, and Bain & Company illuminated a stark reality: over 70% of the world’s adult population is either unbanked or underbanked. This indicates limited access to essential financial services. Recognising this disparity, Finology is on a mission to bridge this gap.
They envisage doing so by incorporating financial products and services into non-conventional platforms, which is what embedded finance is all about. This strategic move is designed to cater to the underbanked in the APAC region, especially those facing hindrances like inadequate credit history or challenges accessing traditional banking amenities.
Silverlake Group Founder & Group Executive Chairman, Goh Peng Ooi, expressed, “Finology has a distinctive approach to advancing financial inclusion, providing cutting-edge clients with embedded finance solutions to maintain a competitive edge. We are proud to support Finology as they solidify their position as a leader in the Asia-Pacific region.”
Additionally, Silverlake Axis Ltd Deputy CEO, Cassandra Goh remarked, “In Silverlake, we make every effort to bring new financial ecosystem propositions, from user-centric applications to AI-driven solutions, to our customers. We are pleased to announce our collaboration with Finology.”
Dato’ Syed Haizam Jamalullail, Managing Director of The Hive Southeast Asia, voiced, “We recognise the potential for long-term growth that Finology offers, and we are excited to explore existing synergies with our portfolio and collaborate with the team as they continue to expand and develop.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
