B2B Payments

Joint Venture Delivers Payments To Singapore

Singapore, standard chartered, british bank, assembly payments, fintech, partnership, payments, b2b

British bank Standard Chartered and payments firm Assembly Payments have established a joint venture in Singapore to bring payment solutions to its $29 trillion global eCommerce market, the companies announced on Tuesday (Feb. 11).

“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 eCommerce 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,” said Michael Gorriz, group chief information officer at Standard Chartered.

The new company will be headquartered in Singapore, with plans to expand globally, and will offer a digital payment platform. The platform will have the ability to manage transactions across multiple payment types — online, mobile, point-of-sale, digital wallets, debit and credit cards, and real-time payments — and countries.

“As the world moves [toward] platform-based eCommerce, the need for the next generation of tools to empower merchants and enable financial inclusion continues to grow. We identified payments as an area where we wanted to make a strategic investment. Assembly Payments shares our vision, and we are pleased to partner them based on the strength of their core technology and talented team,” said Alex Manson, head of SC Ventures — the innovation, FinTech investment and ventures arm of Standard Chartered.

The new venture will introduce the payment services to global merchants, as well as help them scale and figure out problems, manage risk and more.

“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,” said Simon Lee, Co-CEO of Assembly Payments. 

Westpac-backed FinTech Assembly Payments was founded in 2013 in Melbourne, Australia. 

Manson told the Financial Review that, before choosing Assembly as its partner, Standard Chartered looked at more than 10 similar companies worldwide, dating back to 2014.     

Last month, Standard Chartered announced that it was investing an undisclosed amount in China’s supply chain platform Linklogis, earning an equity stake, and further enhancing its ongoing partnership.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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