Australian fintech company Inamo and French embedded security software product provider Oberthur Technologies (OT) announced on Thursday they formed a partnership. OT is set to provide its digital payment enablement technology to Inamo’s wearable solutions, which includes the company’s new product, CURL.
Sharing details about the partnership, Mark Garvie, Asia Financial Services Institutions Managing Director at OT, stated:
“OT is very excited to partner with this home grown Australian Fintech company. This partnership with Inamo is going to be a key differentiator in the Australian market and will expand the reach of payments technologies and solutions to new frontiers. We are thrilled to continue to expand the portfolio of wearable devices powered with OT’s security and payments solutions.”
Peter Colbert, Founder and CEO and Inamo, shared:
“For OT to partner with Inamo to deliver our wearable solutions into the Australian market is an endorsement of our platform, applications, devices and what we will be developing in the future.”
Australian customer-owned bank, Heritage Bank, will reportedly act as the Authorised Deposit-taking Institution (ADI), holding all funds loaded onto the CURL and overseeing settlement as the CURL is used and then reloaded. Heritage Bank CEO Peter Lock, added:
“We’re thrilled to be able to use our specialist expertise in cards and virtual payments to help Inamo develop new wearable products. Heritage is an innovation leader in this sector in Australia, and our skills and attitude make possible the fantastic new ideas that partners such as Inamo are working on.”
The duo noted that under the terms of the agreement, Inamo would provide a full consumer solution which will leverage its platform and OT’snext-generationn digital payment enablement solution.
