Digital B2B payments firm PayMate is now doing business in Singapore, Australia and Malaysia.
“Our rapid expansion into these countries highlights our commitment to enabling frictionless and highly secure B2B transactions for enterprises,” said Ajay Adiseshan, the company’s founder and CEO, per an IBS Intelligence report Friday (Nov. 17).
“We look forward to contributing to the thriving FinTech ecosystems in these markets and to collaborating with local partners to drive the digital transformation of B2B payments.”
Based in India, PayMate’s service digitizes, automates and streamlines B2B payments in supply chains to help companies move away from paper-based workflows.
The company’s expansion to these new territories follows recent expansions in Central Europe, Sri Lanka, Saudi Arabia, Oman and South Africa.
As PYMNTS wrote in August, PayMate has worked with Omani bank Sohar International on a partnership designed to digitize, automate and streamline B2B payments in Oman using bank-issued corporate credit cards.
The IBS Intelligence report said PayMate is also considering setting up operations in other Asia-Pacific (APAC) region countries, including Vietnam, Thailand, the Philippines, Hong Kong and New Zealand.
“PayMate is committed to expanding its footprint in the APAC regions, delivering local businesses with the means to elevate supply chain payments, minimize expenses, and optimize working capital,” said Amirreza Sawal, the company’s general manager for APAC.
“Our versatile APIs offer effortless integration with third-party functionalities, fostering innovation, scalability, and a competitive advantage. These B2B Payments APIs transcend industry boundaries, serving as an adaptable solution across diverse sectors.”
PYMNTS Intelligence has shown that modernizing financial infrastructure via automation and digital transformation initiatives is a crucial way for companies to not just remain in business, but to stay viable in a competitive marketplace.
And it’s not just the data that illustrates this — industry leaders have said the same thing.
“What makes B2B payments such a great market is the presence of true white space, which is rare in payments today,” Ben Weiner, senior vice president and global head of B2B payments at Nuvei, told PYMNTS.
“Innovation in B2B payments is heating up,” Tom Randklev, global head of product at CellPoint Digital, told PYMNTS in a separate interview. “And it’s centered around the ongoing digitization of the space, which brings a lot of optimization around operational efficiencies, cost efficiencies and just a better way of moving money.”