Shailesh Naik, Ceo, Matchmove Pay PTE LTD
Modern Payment Technology is Disrupting Traditional Cash Systems
With the arrival of mobile payment apps, the way everybody wants to save, spend, send and receive, lend as well as invest money is changing too. More and more organizations are rejecting old-fashioned cash payments in favor of smarter, hi-tech options. This digitization of money is largely facilitated by a few leading payment technology companies.
One of the most prominent of them in the Asia-Pacific region is MatchMove Pay Pte Ltd, a B2B Banking-as-a-Service platform, headquartered in Singapore, with a presence in Philippines, Vietnam, Indonesia, Thailand and India. This company is enabling businesses to digitize and build their own payment ecosystem by powering multiple use cases including corporate expense management, digital loan disbursement, supply chain financing amongst others. Its award-winning Banking-as-a-Service platform enables essential banking services – Spend. Send. Lend™, for any enterprise in an easy, speedy, scalable secure manner. The cloud native platform is fully PCI DSS certified and adopts the highest standards of IT security and compliance as well as satisfies all local regulations in each country of operation.
Addressing the Immense Market Demand
MatchMove was originally set up in 2009 as an online media and entertainment company, working with global brands like Yahoo! as well as regional Telco and media companies. They experienced firsthand the lack of seamless and integrated payment solutions which hindered the growth of innumerable organizations. Hence, in 2014, MatchMove pivoted into payments, with the mission to improve the quality of people’s digital lives and upgrade the standards of digital payment by providing smarter solutions for everyone everywhere.
MatchMove’s proprietary Banking Wallet OS™ enables ‘Banking-As-A-Service’ and the capabilities of Spend. Send. Lend™ within any app. The platform empowers businesses and their customers to Spend both online and offline easily and safely, via instantly issued prepaid cards on major card networks. Its Send capabilities include P2P domestic transfers, cross-border remittances, P2M and mass disbursements to global recipients. MatchMove’s platform further extends to Lend, where credit scores are assigned based on customers’ spending and sending patterns to offer customised lending solutions.
There is an increasing market demand from consumers, businesses and governments for smart digital payment technology and while some businesses are gradually embracing digital technology, they still need help. “More and more organizations are looking to digitalize and build their own payment ecosystem. When it comes to digital money movement, many prefer to ‘buy’ rather than ‘build’ a complex solution”, observes Shailesh Naik, the company’s founder and CEO. MatchMove provides a seamless, cost effective solution to solve real business pain points facing SMEs today and drive growth.
MatchMove has recently unveiled its next generation tech platform, MatchMove LightSpeed™, which can enable any business to build their own customized digital payment app within minutes. Businesses can instantly issue virtual and physical cards, powered by leading global networks like Mastercard, to their users, employee and business partners.
“MatchMove LightSpeed is an industry leading game changer that will enable businesses to tap and digitize large, disconnected pools of cash-based payments. LightSpeed will drive digital financial inclusion and reach segments previously digitally underserved by traditional platforms,” said Amar Abrol, a 17-year Amex veteran and payments expert who currently drives growth at MatchMove.
Cash-based finance systems are often costly, risky and non-transparent. MatchMove solves these challenges by making payments more affordable, safer and more transparent. Clients can easily install essential capabilities into their customers’ digital journeys and connect with ‘underserved’ consumers who are not easily reached by traditional cash systems. Through the platform, organizations can efficiently digitize cash disbursement to employees, customers and suppliers.
“Clients choose MatchMove to keep control of the product roadmap, gain access to customer behavior, build loyalty and stickiness as well as bring their brand front and center”, Shailesh shares. The company continuously upgrades service so clients can enjoy the best experience. “Clients see real value in our solutions. We address and solve their pain points from within. We offer them their own holistic, branded ecosystem in payments and beyond, and can integrate our products into their own customer journeys”, Shailesh adds.
MatchMove sees immense opportunity in the Philippines and it poised to go live with iconic clients like Home Credit, a leading global consumer finance company as well as Xpensio, a local home growth fintech company focused on corporate expense management, with a strong deal pipeline in place. “We believe the Philippines market has the right building blocks in place, from a tech savvy population to high mobile phone penetration, to take advantage of this digitization wave and solve fundamental pain points” Amar comments. “With the MatchMove platform, businesses will benefit from actionable customer insights, costs savings, better cash flow management as well as generating an additional revenue source.”
Expanding the Scope beyond Asia
The platform is business-friendly and can be easily integrated by organizations of any size and sector to enable essential banking services within any app. As more brands use the platform, they can co-operate with one another to emulate ‘super-app’ capabilities to offer greater utility and penetrate deeper into the markets.
The company has successfully launched more than 60 programs worldwide with a strong growth pipeline in the future. MatchMove wants to expand and scale the platform across all its existing markets as well as enter new markets, in particular Thailand, Malaysia, Middle East, Latin America and Europe.