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Digital wallet operation to set up shop

Sum Manet / Khmer Times Share:
The wallet app is accessible via the various app stores. MatchMove

Singapore-based MatchMove, one of the world’s fastest growing and most disruptive fintech companies in digital payments and next-generation banking, is poised to set up an office in Cambodia within three months and go online for business in September.

MatchMove has been on an aggressive growth path with a presence in India, Philippines, Vietnam, Thailand and Indonesia.

It aims to penetrate the Cambodian market soon to facilitate new financial tech solutions.

MatchMove says its key proprietary cloud-based MatchMove Wallet OS enables any company to easily offer customers a fully branded, secure mobile wallet solution that includes P2P transfer, remittance, top-up channels, virtual payment cards, loyalty points and rewards, and promotions and offers, among many other features.

Nitin Palande, senior vice-president of MatchMove Pay, said Cambodia still had room to grow such a business and the company was ready to set up a local entity.

“I believe the investment needs to be made in the country,” he said.

“So when I set up the new entity here I will hire local people and pay taxes in Cambodia. This is what we do. We set up local offices and hire local and grow local businesses.

“It takes three months for the new entity to get registered and look for offices in the city and we need to start hiring people. By September of this year it will be ready to go,” he said.

The key focus was on “Spend, Send, Lend” and was about putting banking as a service inside every phone and every app inside it.

“MatchMove’s model is based on an innovative B2B model that enables its technology and services to be deployed to customers in a matter of weeks, which typically takes months or years for current incumbents to achieve,” Mr Palande said.

The company has grown rapidly from 25 employees in early 2016 to 160 now. The company has also expanded further and set up two new offices in India and Miami.

In 2015, MatchMove announced its last fund-raising that involved Japanese financial services giant Credit Saison as the lead investor. Industry sources suggested that the figure was in the region of $30 million.

“Envisaging a financially inclusive world as it wages a war on cash, MatchMove’s Spend, Send, Lend capabilities help enterprise clients digitise payments and give the financially underserved segments the empowerment to move their money anytime, anywhere they wish,” Mr Palande said.

MatchMove is licenced by the Monetary Authority of Singapore and authorised by leading card networks to issue virtual and physical cards directly to users in approved jurisdictions, or anywhere else in the world with partner banks.

MatchMove is based in Singapore with offices in Vietnam, Indonesia, India, Philippines and the US. It is opening new offices in South Africa and Dubai to support its global expansion.

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