Standard Chartered, a UK-based multinational banking and financial services company with $688 billion in assets, announced on Tuesday it is collaborating with Assembly Payments to set up a new joint venture to deliver next-generation payment solutions for the global e-commerce industry.
According to the duo, the venture will be headquartered in Singapore with the intent to grow the business globally and 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.
“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.”
Speaking about the collaboration and venture, Michael Gorriz, Group Chief Information Officer of Standard Chartered, stated:
“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 e-commerce 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.”
Simon Lee, Co-CEO Assembly Payments, added:
“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.”