Investors such as EDBI, White Star Capital and Jungle Ventures participated in the funding round for Sleek. According to the startup, it will also use the funds to hire new talent, expand its presence in the existing markets and also enter new markets.

Adrien Barthel, chief growth officer and co-founder of Sleek told the media, “Since day one, our mission has been to allow anyone to start a business quickly and easily. With the latest addition of the business account feature, now more than ever, we are enabling ideas to become great businesses, without the friction and inefficiency that paper based and offline processes bring.’

Sleek has developed a back-end operating system platform that handles everything from incorporation, government, accounting, taxes and visas to regulatory compliance.

Sleek manages a portfolio of more than 5,000 companies. In 2020, the startup handled over 1.4 million bookkeeping transactions and recorded around $700 million of revenue.

In November, Sleek revealed that the funding will be used to enter new markets such as Australia and the UK.

Last year, Sleek raised $4 million in venture funding for its efforts to take on the traditional corporate services industry. The funding round was led by SEEDS Capital, the investment arm of Enterprise Singapore.

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This year, Central JD Fintech Group won in the ‘Best New Fintech Company’ and ‘Best New Digital Payment App in Thailand’ category at the International Finance Award 2021. Notably, this is the first time a Thai company has won two awards on an international platform in the fields of fintech and digital payments.

The group management undertakes by a holding company, Central JD Fintech Holding Co., Ltd. and conducts key business operations by its two subsidiaries which are: Central JD Money Co., Ltd., providing electronic wallet service (Dolfin e-wallet) and digital payment business (e-payment) and Central JD Company Fintech Co., Ltd., providing digital intelligent platform that offers various of products according to customer needs, including credit services, insurance services, as well as other financial products/services. With the digital technology services, Central JD Fintech Group is ready to provide the digital technology to enhance the quality of life with the intelligent platform, ready to move Thailand into a full digital society.

Central JD Fintech, a company that combines the unparalleled expertise in Digi-Lifestyle from Central Group – Thailand’s largest retailer – with advanced technologies and innovation from JD Technology, China’s digital technology leaders, has provided digital financial solutions such as e-payment, digital lending, and e-insurance through ‘Dolfin application’. The company’s goal is to become Thailand’s premier e-finance and fintech service provider, leveraging cutting-edge technology to excel in all aspects of personal finance management to make digital financial services available to all sections of Thai society.

It aims to achieve its goal by improving Thai’s quality of life and preparing them for the transition to a fully digital, cashless society, together with accessible financial innovations that satisfy different demands on an individual level through the integration of financial technology, AI (Artificial Intelligence), and Big Data Analytics. Through their world-class innovation, this e-wallet provides unrivaled safety and simplicity for Thai shoppers on any payment occasion. Today, the Dolfin application has over 3 million users.

Mr. Yol Phokasub, Chairman of Central JD Commerce Company Limited and Director of Central JD Fintech Company Limited said, “As a result of the Covid-19 pandemic and digital disruption, the consumer market and consumer lifestyles are transitioning to the digital age. The demand for financial services via digital channels has grown at an exponential rate. We have developed a smart platform, Dolfin, which offers complete digital financial solutions that make digital financial services accessible to all Thais, while elevating their quality of life and transforming lifestyles for the fully cashless society.

“We offer e-payment, digital lending, and e-insurance services through the Dolfin application that provide our customers with easy-to-use financial services. Since the launch of the application in 2019, the application now has over two million registered users. We consider these two prestigious awards we received as confirmation of our full dedication, and it also portrays the full willingness of Central JD Fintech to provide world-class digital financial solutions”.

Dolfin is the first application in Thailand to employ e-KYC
Dolfin is Thailand’s first e-wallet application to use e-KYC (electronic know-your-customer) for user identification verification throughout the registration process, combining the capabilities of face recognition and optical character recognition (OCR) technology to ensure the highest level of security. Precise face recognition and OCR technologies are applied to ensure complete confidence in the platform’s security while also allowing for a much friendlier user experience during the sign-up process – both created and optimized to meet actual usage circumstances in Thailand. The Bank of Thailand’s regulatory sandbox has passed and certified this industry-revolutionizing technique for public use.

Customers can successfully become Dolfin Wallet users and enjoy the secure and convenient e-wallet and e-payment services with just two simple steps for ID card scan and face scan. Customers’ information will be securely validated against a trusted government database, and their identity will be confirmed using biometrics recognition technology.

The only Thai e-wallet with open-loop merchant networks
Dolfin Wallet, with its goal of providing the finest e-payment experience to its users, offered a variety of payment alternatives, including close-loop with Dolfin’s own merchants and open-loop via the PromptPay infrastructure, which has over 6 million payment points. Since early 2021, Dolfin Wallet has also been authorised by the Bank of Thailand to allow users who have completed e-KYC to make payments at PromptPay acceptance locations around the country without having to physically validate their ID card using a card reading device, as was previously required.

Moreover, Dolfin Wallet, the first e-wallet operator in Southeast Asia and the second in Asia, debuted its payment by QR credit card with VISA and Mastercard in September 2021. Users of Dolfin Wallet would be able to make e-payments with their credit cards without having to carry their actual cards to numerous QR credit card acceptance sites. Furthermore, they will be able to obtain all perks from the card issuer in the same way as they would if they used their physical credit card.

Dolfin’s digital lending products, namely Dolfin Money, use advanced big data analytics to develop an information-based credit underwriting model that provides a fast and simple digital lending platform where an applicant does not need to provide any documents, either physically or electronically, and the loan approval can be done in a matter of minutes using the pre-active approval approach. Dolfin Money was established in July 2020 as a cash loan option as well as a ‘Buy Now Pay Later’ option to meet the needs of the applicant.

In May 2021, Dolfin platform also launched digital insurance brokerage service, namely Dolfin Insure, to offers new experience to purchase insurance with fully digital process which Dolfin customers will be offered preliminary instant-protection with the reasonable premium price by risk-based pricing model through AI and big data analytic that relevant with multiple driving behavior factors and car insurance claim history.

The post Providing a safe payment experience to drive Thailand’s cashless society appeared first on International Finance.

Sleek has developed a back-end operating system platform that handles everything from incorporation, government, accounting, taxes and visas to regulatory compliance. According to the company, the funds will be used to bolster technology and product development.

At the same time, Sleek will also look to improve the size of its team and expand its presence in existing markets and enter new markets such as Australia and the UK.

Sleek manages a portfolio of more than 5,000 companies. In 2020, the startup handled over 1.4 million bookkeeping transactions and recorded around $700 million of revenue.

Last year, Sleek raised $4 million in venture funding for its efforts to take on the traditional corporate services industry. The funding round was led by SEEDS Capital, the investment arm of Enterprise Singapore.

Julien Labruyere, chief executive at Sleek told the media, “It has been extremely humbling to experience the growth we’ve seen at Sleek over the last three years, even more so amidst the global pandemic, which has been a growth catalyst for fully digital players like us.”

“Ultimately, we envision Sleek to be the go-to digital platform for all entrepreneurs setting up in Singapore, Hong Kong and beyond.”

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According to Ascend, it will use the funds to expand its digital financial services ranging from digital lending and digital investment to cross-border remittances in Southeast Asia. It will also use the funds to grow its e-wallet application TrueMoney Wallet.

Tanyapong Thamavaranukupt, co-President of Ascend Money has revealed to the media that its users have grown from 17 million in early 2021 to 20 million to date in Thailand.

“The growth in e-payment suggests changing consumers’ spending habits as Southeast Asia moves toward a digital economy and a cashless society.”

“Apart from e-wallet, we are an agent-based payment and remittance service provider. Since last year, we’ve also rolled out TrueMoney Wallet for agent [networks] and migrated our offline agent to the online platform, which would help enhance and digitise their operations.”

Earlier this month, Indonesia-based fintech firm Xendit has raised around $150 million in its Series C funding round, valuing the company over the $1 billion mark and earning it the coveted unicorn status. The funding round for Xendit was led by Tiger Global Management. Other investors that also participated include returning investors Accel, Amasia and Goat Capital.

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The funding round for Xendit was led by Tiger Global Management. Other investors that also participated include returning investors Accel, Amasia and Goat Capital.

Moses Lo, co-founder and chief executive officer, Xendit told the media, “It’s now clear that businesses need to have a digital presence. Xendit’s digital payments infrastructure enables the region’s new class of entrepreneurs to start and scale their payments faster and supercharges larger companies with modern, world-class financial services. What AWS has done for Compute, Xendit is doing for payments.”

Earlier this month, Indonesia-based Buy Now, Pay Later (BNPL) platform Kredivo announced its expansion into Vietnam. Krevido is entering a joint venture with Phoenix Holding, a family investment company based in Vietnam.

In this regard, Valery Crottaz, Chief Operating Officer at Kredivo told the media, “The launch of Kredivo in Vietnam as the first market share outside Indonesia is another achievement and milestone to be proud of this year. Vietnam is a logical choice given the country’s low credit card penetration and a rapidly growing middle class; fast-growing e-commerce market; and similar demographic and consumption patterns with Indonesia.”

Recently, US-based payment giant PayPal announced that they acquired Japanese Buy Now Pay Later (BNPL) firm Paidy for $2.7 billion mostly in cash, to enhance its business in Japan. The deal is expected to be completed by the end of 2021.

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Jack Zhang, CEO and co-founder of Airwallex said, “For many businesses, operating across borders is expensive, time-consuming and cumbersome. This pain point is exactly why we started Airwallex. From day one, we set out with a purpose to empower businesses of all sizes to grow without borders.”

“Malaysia-based businesses have been looking to tap into Southeast markets to remain competitive, requiring a trusted payment partner for their regional and global expansion. With this new license, Airwallex aims to replicate the success it has achieved from servicing leading companies in other regions with businesses in Malaysia.”

“Our solutions will help both local and global businesses in Malaysia focus on their international operations and expansion, without having to navigate the nuances of establishing their own cross-border financial infrastructure.”

Currently, Airwallex’s services are available in Singapore and it also operates in Hong Kong. However, it plans to further expand in the Southeast Asian region. In March, it raised $100 million which helped the firm achieve a valuation of $2.6 billion. It was reported that Airwallex is currently looking at a valuation of between $3.5 billion and $4 billion.

The post Airwallex secures money services business licence in Malaysia appeared first on International Finance.

After its current investment in MatchMove, Nityo, which operates in 38 countries worldwide is all set to become its largest shareholder. The Singaporean fintech company will help other companies to embed digital financial services into their existing apps or platforms. The company already has regulatory approval to operate in six countries, including India, Indonesia, and Malaysia.

Nityo Infotech founder and CEO Naveen Kumar said in a statement, “With this investment and Nityo’s global strength, we are certainly looking to build a decacorn in the future, as we believe MatchMove is the most qualified soonicorn in the fintech space in Southeast Asia.”

The news of this investment comes after MatchMove’s earlier negotiations with potential investors to raise between $45 to $50 million fell through in April, due to which the company failed to secure a digital banking license from the Monetary Authority of Singapore.

Prior to this, MatchMove already had a partnership with Singapura finance, Lightnet, and OpenPayd holdings to apply for digital licenses in the city-state. The license would allow the company to enter into the digitally underserved segments such as SMEs and gig workers.

MatchMove currently operates in six markets across South and Southeast Asia, including India, Indonesia, Malaysia, the Philippines, and Vietnam, and of course, its home markets. The company plans to launch its programmes in Hong Kong, Bangladesh, Malaysia, and Thailand by the end of 2021.

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Founded in 2010, Amartha has since then disbursed more than $258.5 million to the aid of 670,000 women in Java, Sumatra, and Sulawesi Island. This latest investment announcement comes after Amartha raised $28 million from the Women’s World Banking Capital Partners II fund and MDI Ventures earlier this year. The latest collaboration between Amartha and Norfund was marked by a signing ceremony that was attended by Norway Ambassador Vegard Kaale and Amartha CEO & founder Andi Taufan Garuda Putra at the Norwegian Embassy in Jakarta.

Norfund Investment Director & Head of Asia Regional Office Fay Chetnakarnkul told the media, “We appreciate this partnership with Amartha and the work that they have been doing to empower women micro-business owners in Indonesia. Norfund is a crucial platform for the Norwegian Government to empower private institutions in developing nations as well as to decrease the poverty rate. This investment is the first for Norfund in a financial institution in Indonesia; my hope is that it will play a great role in supporting the growth and success of Amartha.”

Norfund’s investment in Amartha is in line with the company’s aim where they strive to take part in environmentally-friendly activities from 2018, which includes the publication of an annual environmental impact and sustainability report. The company also scored the Global Impact Investing Rating System (GIIRS) award from B-Corp with a Platinum grade in 2019.

Image credits- beenext.com

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Around $15 million of the funding will be invested in SME financing on Validus’ peer-to-business financing platform, whereas, another $22.4 million would be injecteded into Validus’ Enterprise Financing Scheme.

In this regard, Fasanara Capital chief executive officer Francesco Filia told the media, “With Validus, we found a partner that shares the same commitment in addressing the SME financing gap through providing stable funding. Validus’ proven technology and ‘global’ structure gives them a strategic advantage in implementing best practices, strong credit models and governance framework – ingredients for a mutually beneficial partnership that we can leverage across other markets in the region.”

Last month, another Singapore-based fintech startup STACS secured fresh funding to develop blockchain platforms for financial institutions. The startup raised $3.6 million in its pre-Series A funding round. The funding round was led by Wavemaker Partners and saw participation from Singapore government-backed programme for blockchain startup Tribe Accelerator.

Ray Ferguson, Chairman at STACS told the media, “Since the 1970s, the capital markets have been fragmented, with institutions operating on different systems and ledgers, and going through a linearly-dependent process which has led to a situation whereby $800 billion of capital is being locked up every single day in the international clearing system.”

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In a statement, Ripple said, “Southeast Asia’s payments landscape is highly fragmented. Each country comes with its own unique process and payments infrastructure – the lack of a standard integration for regional cross-border payments currently requires expensive workarounds.”

The deal is subject to regulatory approval and customary closing conditions and is expected to occur during this year. Once completed, Amir Sarhangi, VP of Product and Delivery at Ripple, and Brooks Entwistle will join Tranglo’s board of directors.

With regard to the stake purchase in Tranglo, Asheesh Birla, General Manager of RippleNet told the media, “Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region. We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper and more secure with blockchain technology and digital assets.”

Recently, Ripple announced the appointment of a new managing director (MD) for Southeast Asia. Ripple has appointed Brooks Entwistle who has three decades of experience working with tech and fintech companies. Entwistle has previously worked with Goldman Sachs, where he was CEO, Singapore and chairman of Southeast Asia. As the MD of Ripple, he will drive digital assets and blockchain adoption in the region.

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