The new joint venture is planned to be headquartered in Singapore, and will offer advanced payment solutions for the e-commerce industry
UK-based banking and financial services firm Standard Chartered has joined forces with Assembly Payments, an Australian fintech company, to establish a new joint venture.
Standard Chartered said that its new joint venture, planned to be headquartered in Singapore, is aimed at offering advanced payment solutions for the e-commerce industry across the world.
Standard Chartered Group chief information officer Michael Gorriz said: “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.”
The new venture will offer advanced digital payment platform supporting varied payment types
The new joint venture company is said to provide an advanced digital payment platform for transactions across different countries, through various payment types, including online, mobile and point-of-sale, digital wallets, debit and credit cards and real-time payments.
In addition, the new venture would serve the global merchants, enabling them to scale and solve crucial challenges in managing risk, fraud, integration, reporting and reconciliation.
Established in 2013, in Melbourne, Australia, Assembly Payments is a payment innovator that offers digital businesses with a complete set of payment solutions, to facilitate complex payment workflows.
Assembly claimed that it has been working to capitalise on the demand for new payment solutions, and has introduced the New Payments Platform, a fast payment network in Australia and abroad.
Assembly Payments co-CEO Simon Lee said: “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.”