Standard Chartered and Assembly Payments have set up a new joint venture to deliver next generation payment solutions for the US$29 trillion global e-commerce industry.
The new company will offer a 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.
Michael Gorriz, group chief information officer of Standard Chartered, said: “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.”
Australia-based startup Assembly Payments has been working to capitalise on the demand for new payment solutions -- brought on by the introduction of the country’s fast payment network, the New Payments Platform -- in Australia and abroad.
Standard Chartered has actively been experimenting with new business models to meet the evolving needs of banking clients.
In Hong Kong, it has established a strategic joint venture with PCCW, HKT and Ctrip Finance to deliver a new standalone digital retail bank in Hong Kong and has set up virtual banking partnerships in Taiwan and Korea.
In India, it set up a digital open platform, Solv, to help Small and Medium Enterprises (SMEs) grow by providing a range of financial and business services.
