Settle Bank will make full inroads into payment markets in Southeast Asian countries, including Hong Kong, Indonesia and Thailand.
Fintech firm Settle Bank signed a memorandum of understanding (MOU) on April 14 with Asia Pay, Asia's largest supplier of electronic payment services, to form a strategic business alliance to establish a global payment network.
Settle Bank and Asia Pay will expand their pan-Asian simple cash payment network and come up with marketing cooperation measures needed to introduce electronic financial services based on the technology of electronic payment services owned by the two companies and local payment infrastructure.
Through the agreement, Settle Bank will target Southeast Asian payment markets, focusing on 13 countries serviced by Asia Pay, including Hong Kong, Indonesia, Thailand, Malaysia, Singapore, Vietnam and the Philippines.
Asia Pay will seek to advance into the Korean market by utilizing its platform and financial service competitiveness, which is the strength of Settle Bank, and the local electronic financial payment network.
Meanwhile, Asia Pay is Asia's largest electronic payment service provider that offers credit cards, debit cards and simple payment-related processing and solutions to 100 banks and credit card companies in 13 countries, including Indonesia, Thailand, Singapore, Vietnam, Taiwan and India.