Asia is becoming even more of a key market for corporate payment companies. Only days ago, FinTech firm Ripple announced a partnership with SBI Group to launch a cross-border payments initiative in the region. Now, Optal Limited, formerly known as PSP International, is making waves in this part of the world, too.
Optal announced Monday (Feb. 1) that its subsidiary, Optal Asia, secured a money service operator license in Hong Kong, as well as principle membership with MasterCard.
That means the virtual card issuer can now link corporates in the market to its vCard B2B payments solution. In a statement, Optal Managing Director Rob Bishop said the latest developments are key to the company’s international expansion goals.
“There is already very strong demand for our virtual card solutions in the Asian region,” he said. “Having this license enables us to broaden our service offering and to create new, bespoke payment solutions for the Asian region.”
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It’s no coincidence that Optal will be issuing virtual cards with MasterCard, either. The company’s chairman, Andre Sekulic, is MasterCard’s former president of Asia-Pacific, Middle East and Africa operations.
“Optal’s strength is as an eCommerce enabler,” Sekulic explained in his own statement. “The growth of eCommerce in the Asian region creates significant opportunities for Optal to help its customers make payments more efficient and reduce associated costs. We’re looking forward to continuing to work with our key business partners to execute new, Asian-based opportunities.”
Analysis supports Sekulic’s strategy to follow Asia’s growing eCommerce market. The region topped global eCommerce trade last year, a trend that has also encouraged the market to fuel payments innovation, especially for cross-border payments.