In a strategic move to accelerate growth in the South and East Asian region, where mobile payments are expanding dramatically, globally awarded MatchMove Pay announced today that it has completed a significant investment round, with Credit Saison (8253:TYO) as the lead investor.
With an estimated growth to 300 million internet users in South East Asia, the region is set to become one of the world's fastest-growing markets for e-commerce, with online and mobile-based purchases expected to exceed $22 billion in 2015.
There are three factors that are widely acknowledged to affect the current growth of e-commerce in South and East Asia: low credit card ownership, a large unbanked and uncarded population and high internet fraud risk.
Mr. Hiroshi Rinno, President and CEO of Credit Saison in Japan, explained, “Based on our experience in an advanced market like Japan, we believe that Southeast Asia will evolve into a cashless society as the growth of credit cards, prepaid cards and smartphone payments continue to gain momentum. MatchMove Pay has addressed each of these three critical factors through its sophisticated B2B e-wallet and virtual payment card platform-as-a-service and is therefore uniquely positioned to quickly unlock the potential for e-commerce growth in Asia. This business partnership with MatchMove Pay is an important step to provide us with a strategic position in this important market as we look to develop our financial business here”.
“Credit Saison’s investment in MatchMove Pay is true affirmation of our product’s potential, future roadmap and our vision to bring the millions of uncarded and unbanked shoppers with smartphones into the e-commerce economy, with ease and security. With e-wallets and virtual payments cards widely expected to become the future of payments as internet and smartphone penetration climbs exponentially, we are at the epicentre of this huge and once-in-a-lifetime opportunity. With Credit Saison’s experience and achievements in Japan and a globally respected management team, we are very fortunate to partner with Credit Saison to confidently take on a leadership position in this massive market”, said Mr. Shailesh Naik, CEO of MatchMove Pay.
As Credit Saison becomes a key shareholder of MatchMove Pay, Mr Akihiro Matsuda, Managing Director of Credit Saison Asia Pacific and Board Member of Credit Saison in Japan, will join the Board of Directors of MatchMove Pay with immediate effect. Members of the Board also include Dr Finian Tan and Dr Jeffrey Chi from Vickers Venture Capital Group, the early stage investors in MatchMove along with MatchMove co-founders Shailesh Naik (CEO) and Hsueh Huah Leow (COO) as Executive Directors.
Other notable investors in this round included GMO Venture Partners, also of Japan.