David Link, CEO of Verrency

Melbourne based Series A funded startup, Verrency has today announced the release of its latest technology for Asian financial institutions. Verrency’s unique API platform allows its client to save monies by ‘rounding up’ their payments in real-time, the company says that the surplus of this payments can be transferred to any digital wallet of the user’s choice.

David Link, CEO of Verrency, commented, “Our platform enables digital wallets to link to investment accounts that can be opened with very small, incremental amounts. Now the unbanked can not only have a bank account, but they can also begin saving.”

Verrency’s partnership with SDX, a model manager gateway based in Singapore will focus specifically on the ASEAN nations, increasing consumer access to a broad array of financial products. The emerging markets have seen a significant rise in Digital wallets, with digital and private banks, telcos, and the rapid adoption of the ‘super-apps’ offered through regional ride-share platforms.

Ride-share platforms have announced their intent to add a full suite of financial services to their apps, which will likely have exceptionally low client acquisition costs. Verrency’s unique ability to service and connect these ‘super-apps’ to industry financial players such as SDX is a key element in its market differentiation. Verrency has a non-exclusive partnership with over 30 partners around the world, whose services can be accessed by financial institutions, outsourced processors, and ‘super-app’ digital wallets.

 

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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