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Standard Chartered, Assembly Payments set up digital payment platform

Standard CharteredStandard Chartered and Assembly Payments have set up a joint venture headquartered in Singapore to deliver payment solutions for the $29 trillion global e-commerce industry. The new company will offer a digital payment platform to manage transactions across multiple payment types and countries. The new venture will roll out its payment services to global merchants, supporting their ambitions to scale and solving crucial challenges in managing risk, fraud, integration, reporting and reconciliation.

Michael Gorriz, Group Chief Information Officer, Standard Chartered articulated, “Payments is a critical pillar of banking services. Enabling Real-time Faster Payments and high volume transactions has been a core area of investment for Standard Chartered in line with the evolving needs of clients, particularly with the growth of e-commerce platforms and wallet apps. Our venture with Assembly Payments complements these capabilities, giving our corporate clients a complete offering for high throughput inward and outward payments.”

Alex Manson, Head of SC Ventures, the innovation, fintech investment and ventures arm of Standard Chartered elucidated, “As the world moves towards platform-based e-commerce, the need for the next generation of tools to empower merchants and enable financial inclusion continues to grow. We identified payments as an area where we wanted to make a strategic investment. Assembly Payments shares our vision and we are pleased to partner them based on the strength of their core technology and talented team.”

The methods of payments include online, mobile & point-of-sale, digital wallets, debit & credit cards and real-time payments.

Simon Lee, Co-CEO, Assembly Payments enunciated, “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.”

Australia’s FinTech company Assembly Payments is a startup and has been working to capitalise on the demand for new solutions brought on by the introduction of the country’s New Payments Platform.

Standard Chartered stated that it has been experimenting with new business models to meet the evolving needs of banking clients. In Hong Kong, it has established a strategic joint venture with PCCW, HKT and Ctrip Finance to deliver a new standalone digital retail bank in Hong Kong and has set up virtual banking partnerships in Taiwan and Korea. It has set up a digital open platform, Solv, to help Small and Medium Enterprises (SMEs) in India and other markets grow by providing a range of financial and business services.

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