Singapore-based fintech startup, Wallet Engine, has partnered with cloud banking platform Mambu to develop a wallet-as-a-service offering that can be embedded as a financial service in any application.
Gregor Arn, Wallet Engine’s CEO and co-founder, said the company “plans to help solve the issue of cross-border compatibility as well as offer a solution for individuals and businesses wanting to make micro-transactions”.
Wallet Engine allows non-financial organisations to launch their “own branded wallets for seamless money transfers between their users”, regardless of the dollar amount or country of origin, with its core focus on micro-transactions and cross-border capabilities, Arn said.
The company’s platform and APIs bring together the “building blocks for apps to easily create in-app financial accounts, including e-KYC (know your customer), card issuance, and many local integrations with financial network partners to add and withdraw funds from accounts”.
Arn said Wallet Engine’s wallet-as-a-service offering is currently operational in Singapore, with Mambu’s composable platform underpinning the solution.
It will be rolled out in the Asia Pacific region this year.
A composable platform allows users to select the best products that suit their needs.
Wallet Engine is the trading name of Cheers Paytech Pte Ltd, a regulated financial institution startup based in Singapore.
It has completed four funding rounds to date and has raised US$1.4 million.
Berlin-based Mambu is a software-as-a-service (SaaS) cloud banking platform set up in 2011 with its Asia Pacific headquarters in Singapore.
Globally, it has 900 employees who support 200 customers in over 65 countries.
It completed its Series E funding round in December 2021, raising 235 million euros, taking the company's valuation to just under 5 billion euros.
Apart from Singapore, Mambu has customers and a presence in Malaysia, Vietnam, Thailand, Indonesia, the Philippines and Australia.
Arn said e-wallets have grown from being “very niche point of sale (POS) solutions” to becoming instrumental in keeping the world’s money flowing during the pandemic”.
They are now seen as an effective way to facilitate the borderless exchange of value and “we believe they have an enormous role to play in Asia Pacific’s financial future”.