back Back

Wallet Engine teams up with Mambu to embed financial services into any app

By Leandra Monteiro

March 31, 2022

  • Cross Border Payments
  • e-Wallet
  • Financial Services
Share

Mambu, Wallet Engine, SingaporeSingapore FinTech, Wallet Engine has partnered with cloud banking platform Mambu to fast-track the development of its innovative wallet-as-a-service offering, which aims to become the go-to solution to embed financial services into any app or user experience.

Wallet Engine empowers non-financial organisations to launch their own branded wallets for seamless money transfers between their users, regardless of the dollar amount or country of origin – with its core focus on microtransactions and cross-border capabilities. Wallet Engine plans to help solve the issue of cross-border compatibility, as well as offer a solution for individuals and businesses wanting to make microtransactions.

Gregor Arn, CEO and Co-founder at Wallet Engine said, “Traditionally, if a customer wanted to send a small amount of money to someone else via their bank or financial provider, it was a very difficult and incredibly expensive exercise – often the fees would swallow the amount being transferred. Wallet Engine wanted to solve this problem by focusing on micro transactions and removing the problems created by the unique regulatory systems in different countries.”

“We believe that making low-value, cross-border cash transfers quick, easy and inexpensive will have a significant impact on financial inclusion, particularly in those countries that are currently underbanked or underserved. Our wallet-as-a-service subsequently enables organisations in all sorts of industries to launch their own branded wallets to provide their customers with added value that is convenient and simple.”

Myles Bertrand, Managing Director APAC, at Mambu, said, “Wallet Engine came up with an ingenious solution to a long-held problem, that being, how can people send small amounts of money to each other, across countries, without it costing more than the transaction’s value? Now, with their wallet-as-a-service offering, they’ve made this technology available to other businesses who want to offer their own customers this innovative solution. It’s been especially gratifying that this project has been designed, developed and launched right here in Singapore – it’s a great indication of the current strength of Singapore’s fintech ecosystem.”

Wallet Engine’s globally compliant wallet-as-a-service is operational in Singapore – with Mambu’s powerful, composable platform underpinning the solution, enabling optimum flexibility and speed – and will be rolled out across the wider Asia Pacific region throughout 2022.

It can provide the foundation for contextual peer-to-peer payments, micro-finance, and in-app economies, to name but a few applications. “We have seen a phenomenal transformation in the wallet space in the last couple of years. E-wallets were seen as a very niche point of sale (POS) solution, with not much potential for more than that,” added Arn.

He continued, “And yet, here we are just a few years later and e-wallets have been instrumental in keeping the world’s money flowing during the pandemic and are now seen as an effective way to facilitate borderless exchange of value. We believe they have an enormous role to play in Asia Pacific’s financial future. Mambu’s composable platform was instrumental in us being able to develop our wallet-as-a-service, with Mambu’s flexibility and best-in-class technology critical to our solution. The fact that they were right here in Singapore with us was definitely an added bonus.”

Previous Article

March 31, 2022

Natixis CIB partners with nCino to expand its digital capabilities in its financing activities

Read More
Next Article

March 31, 2022

5 companies reforming the lending landscape in the Americas

Read More








IBSi Daily News Analysis

Generative AI

April 12, 2024

Cross Border Payments

Security experts sound the alarm on Deepfake threats in the age of AI

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 12, 2024

FinTech Focus: Catch latest developments of the week

Read More

April 12, 2024

Parafin secures $125m warehouse facility from Silicon Valley Bank & Trinity Capital

Read More

April 12, 2024

TransferGo raises $10m in funding from Taiwania Capital Management

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023