Fintech, Payments and SEA Focused Articles
Jack Ma’s Ant Financial merges with Lazada’s HelloPay Group
Ant Financial, Alibaba’s financial affiliate, has announced that it has merged with HelloPay Group, Lazada’s online payment platform. HelloPay will be rebranded as Ant Financial’s online and mobile payment solution Alipay in its respective Southeast Asian markets. Integrating with Alipay will help Lazada improve its online payment solution, given Alipay’s quality in payment security and systems.
Alibaba-backed Paytm forays into digital gold; consumers can now buy, store, and sell gold on their smartphones
India’s leading digital payments company Paytm has foraged into digital gold business that allows users to buy, sell and store gold on their mobile phones. For this service, Paytm has partnered with precious metals processing facility MMTC-PAMP India. Users can buy and sell gold using their Paytm account, which will then be stored in lockers run by MMTC-PAMP. Users can also redeem accumulated gold in the form of coins or minted products and get them delivered to their homes. Alternatively, he/she can sell their accumulated gold back online instantly and the money will be credited into his/her account.
Flux, a fintech startup found by ex-Revolut employees, wants to make paper receipts obsolete
Flux, a London-based fintech startup is on a mission to make store receipts truly digital. The company has built a software platform that bridges the gap between itemised receipt data captured by a merchant’s point-of-sale (POS) system and what little information that typically shows up on your bank statement or mobile banking app. By partnering with merchants, their payment processor/POS systems and banks, Flux hope to make item level receipts digital and link them to your bank statement, in a seamless and intuitive manner.
TransferWise sets up Singapore office to serve as Asia-Pacific HQ
Online money transfer startup TransferWise is setting up its Asia-Pacific hub in Singapore, allowing it to reach more customers in the region. The startup allows its customers to send and receive money across borders for a fraction of the charges imposed on bank transfers. To do that, it uses a p2p system that matches users according to the currencies they want to send and receive, ensuring that payouts are made without funds ever actually crossing borders.
WeChat is more ‘sticky’ than Facebook
WeChat is stickier than ever, creeping into new aspects of our daily life and being used for an even longer period of time everyday. WeChat is now used for more than four solid hours per day by one-third of its users, up from 16.3 percent in 2015. The average daily time spent on WeChat has also risen up to 66 minutes, as compared to Facebook whose average users spend 50 minutes on it everyday. 82% of people have done office work or personal business on WeChat, mainly coordinating tasks, transferring files, taking video calls, and making transactions using the cashless WeChat Pay system, vindicating WeChat’s speedy rollout of new features in the past few years, covering online shopping and payments.