Philippines-based digital financial services provider Ayannah, and India-based payments company Electronic Cash and Payment Solutions (ECAPS) has announced a merger that will create Ayannah Global, a Pan-Asian financial technology group that will provide affordable and accessible digital financial services to the growing middle class in South Asia and Southeast Asia.
The group has chosen to situate its headquarters in Singapore, given its status as a leading financial centre in the region, robust FinTech infrastructure and strategic location among the fast-growing markets in Southeast Asia and South Asia.
Singapore’s connectivity will support the Group in its expansion plans as it continues to grow in markets such as India, Indonesia, Philippines and soon, Vietnam. The Group also intends to tap on opportunities to grow its talent pool and forge new partnerships in Singapore.
Post-merger, Ayannah Global is expected to have a reach of over ten million customers, mainly in the Philippines and India. With the merger, the Group expects to further expand its suite of fintech solutions for customers in Indonesia and Vietnam.
It also intends to broaden its current product suite towards becoming a leading B2B digital financial services provider.
Read Also: Bankcoin Reserve (BCR) Fintech Platform Partners with HomiEx
This merger comes on the back of growing demand for tech-first financial solutions in Asia. The merged entity will have an enlarged omnichannel open banking platform, through which customers can access a wide suite of digital financial services including remittances, payments, insurance, loans, and, eventually, savings and investment products.
The Group will soon launch its Series B fundraising round with a target of US$30 to $50 million.
To date, the Group has received capital from prominent venture capital firms Wavemaker Partners, Golden Gate Ventures, and 500 StartUps, as well as several large family offices across Asia.
As a result of the COVID-19 pandemic, the Group is also seeing greater demand for its open banking and omnichannel distribution platform, especially from banks, lenders, and insurers who rapidly need to roll out digital services. – BusinessNewsAsia.com