ISBC, a radio-frequency identification (RFID) technology company, has announced the establishment of its global headquarters in Singapore as part of their regional expansion plans.
Its expansion into Singapore confirms the digital-savviness of the country’s population, where the ratio of cash withdrawals to payments has fallen from 47% in 2016 to 17% in 2020.
Furthermore, according to a 2020 report by Visa, 84% of consumers in Singapore use contactless payments, indicating an increased demand for fast, secure and digitised transactions, which ISBC plans to capitalise on.
Through its hub in Singapore, ISBC aims to connect with market leaders across Southeast Asia, with future plans to expand to Malaysia and Indonesia, and to partner with 50 banks globally by the end of this year. In preparation for future launches, ISBC is also designing prototypes of Singapore-themed Mastercard-certified contactless key fobs to appeal to the local market.
“The establishment of our headquarters in Singapore underscores the importance of Asia which is seeing rapid growth and innovation in RFID technology,” said Ivan Demidov, founder and CEO of ISBC.
“More consumers are embracing revolutionary solutions that are convenient, secure yet trendy all at once, and we look forward to becoming the contactless payment device of choice in Southeast Asia. Partnering with semiconductor market leader NXP and Fidesmo is a huge step in this direction.”