4 FinTechs in Asia you should know about

By Puja Sharma

FinTech refers to software and other modern technologies used by businesses that provide automated and improved financial services. FinTech in our daily life is Mobile Payment apps, Cryptocurrency and Blockchain like Bitcoin and Gemini. In the future, the range of FinTech services is predicted to transform the market even more with AI and machine learning and will make FinTech products an integral part of our digitalised life.

FinTech’s role in society is becoming more vital than ever, mainly due to Covid-19. FinTech can be used anywhere, by anyone meaning it becomes accessible to people who may never have taken advantage of financial services before. Through access to essential financial services such as mobile money and e-wallets, FinTech companies are helping lift people out of poverty and create a more financially inclusive world.

Check out the following  4 firms that are heating up the FinTech space in Asia:

Flip : Flip is a FinTech-based payment platform in Indonesia. To date, Flip has served more than 7 million users and hundreds of companies and SMEs. However, Flip has a bigger purpose than just becoming a payment platform. Flip wants to help more people achieve their financial goals. Therefore, we continue to create various innovations to ensure we can deliver the fairest financial products and services.

IBS Intelligence recently reported that Indonesia’s consumer payments platform, announced a second close of a Series B funding round led by Tencent, with participation from Block, Inc. and existing investor Insight Partners.

CRED : CRED is a platform that allows credit card users to manage multiple cards along with an analysis of their credit score. Members with a high Experian or CRIF score are eligible for exclusive rewards upon payment of their credit card bills through the app. Among many of the features in the app are CRED’s credit card spend tracking and management feature which provided the user with analysis of spend tracking and efficiency of usage of the card.

This month, IBS Intelligence reported NPCI Bharat BillPay Ltd., the wholly-owned subsidiary of National Payments Corporation of India announces the on-boarding of CRED as a key Agent Institution (AI) for providing easy bill payment solutions to its members.

Alipay : Alipay is the world’s leading open digital daily life services platform operated by Ant Group. In 2004, Alipay launched as an escrow service to address the issue of trust between online buyers and sellers in the early days of e-commerce in China. Working with more than 250 overseas financial institutions, Alipay has created online payment channels for buyers and sellers in more than 200 countries and regions.

In April this year, IBS Intelligence reported San Marino is now among the first European countries in which it is possible to use Alipay+ thanks to BKN301. Asian customers will now easily access information, promotions, and payments (online and offline) using their smartphones.

Razorpay : Razorpay is India’s first full-stack financial solutions company. It is on a mission to enhance the payment experience of over 300 million end consumers. And in doing so, it aims to enable Indian businesses – big and small – accept payments digitally with minimal effort and maximum ease. Razorpay has grown from being a payment gateway provider to a solutions-driven organization boasting of an extensive products suite to accept and disburse payments as well as raise capital and park money. In a nutshell, we fit into every nook and corner where your business touches money.

IBS intelligence reported Razorpay announced today that it has raised $160M in a round led by Sequoia India and GIC with participation from Ribbit Capital & Matrix Partners India at a $3B valuation.

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