Standard Chartered establishes new venture for next generation payments with Assembly Payments
The new company will be headquartered in Singapore with the intent to grow the business globally.
Standard Chartered today announces the setting up of a new joint venture with payments solution provider Assembly Payments. The new company will deliver next generation payment solutions for the global e-commerce industry.
The new entity will be headquartered in Singapore with the intent to grow the business globally. It will offer a sophisticated digital payment platform to manage transactions across multiple payment types and countries, including online, mobile and point-of-sale, digital wallets, debit and credit cards and real-time payments.
Regarding the rationale for forming the new JV, Standard Chartered explains that e-commerce is growing exponentially in emerging markets, as internet adoption increases among the growing middle-class population. The new venture will roll out its payment services to global merchants, supporting their ambitions to scale and solving key challenges they face in managing risk, fraud, integration, reporting and reconciliation.
Assembly Payments is among Australia’s fastest-growing fintech businesses. The company has been working to capitalise on the demand for new payment solutions – brought on by the introduction of the country’s fast payment network, the New Payments Platform – in Australia and abroad.
Standard Chartered has actively been experimenting with new business models to meet the evolving needs of banking clients. In Hong Kong, it has set up a strategic joint venture with PCCW, HKT and Ctrip Finance to deliver a new standalone digital retail bank in Hong Kong and has set up virtual banking partnerships in Taiwan and Korea. It has also established a digital open platform, Solv, to help Small and Medium Enterprises (SMEs) in India and other markets grow by providing a range of financial and business services.
