MatchMove, the award winning ‘Banking-as-a-Service’ platform has entered into an agreement with e-commerce enabler, Shopmatic, to make a strategic investment in the company with immediate effect.
Shopmatic is an international e-commerce platform company specializing in providing turnkey solutions to small and medium-sized enterprises (SMEs) wanting to set-up an online store. This includes the entire ecosystem from setting up the store-front, payment, shipping and logistics integrations, selling across multiple channels including Social media and Marketplaces, to sales management and customer support. This investment will enable MatchMove to extend its ‘Banking-as-a-Service’ wallet capability to Shopmatic’s ecosystem of more than 435,000 e-commerce SMEs and individual entrepreneurs across the region.
Shopmatic’s objective is to help and support business owners to increase their sales by accessing new markets through online channels, point of sale solutions and by being able to execute these sales with the support of reliable digital technology, integrated logistics and payment solutions provided by a wide range of partners. The Shopmatic platform is also integrated with a variety of channels and marketplaces providing customers with the ability to sell across multiple platforms including Amazon, Lazada, Q10, Shopee, as well as social media platforms like Facebook and Instagram.
MatchMove will power digital payments and cross border remittance capability to enable these e-commerce companies to make as well as receive payments seamlessly from their customers and suppliers in a safe, secure and cost-effective manner. Overtime, these SME’s can build a credit-score against which they can access loans for their capital requirements.
Commenting on the partnership, Co-Founder and CEO of Shopmatic, Anurag Avula said, “We are excited to deepen our partnership with MatchMove to offer integrated payment and financial solutions to aspiring e-commerce entrepreneurs on our platform. We are also privileged to partner MatchMove as its Go To Market partner in their bid for Singapore’s Digital Banking license. We will leverage the MatchMove reach and network to originate new customers as well as accelerate our platform growth across the region. With this partnership with MatchMove we can seamlessly integrate iFinancial offerings and provide our customers with rich banking-in-an-app experience that MatchMove offers.”
Shailesh Naik, Founder and Group CEO said, “This investment is a natural complement to our business, enabling us to access and solve payment pain points for a large pool of SMEs looking to digitize. With a captive SME base, Shopmatic is a natural go-to-market partner to scale our platform.” “In addition, through the MatchMove ecosystem, we can provide essential banking services including access to financing for these SMEs which are typically digitally underserved by traditional financial institutions,” said Naik.
According to a Google, Temasek & Bain company study , the e-commerce industry in Singapore is predicted to contribute a total of USD 6.8 billion in 2025. Across Southeast Asia, e-commerce sales in the region’s six largest economies are projected to grow to USD79.29 billion in 2022 from USD41.28 billion in 2019, according to a S&P Global Market Intelligence research, fuelled by increasing mobile and internet penetration, greater familiarity and adoption of online shopping as well as improved consumer spending power. As a result, new and traditional retailers are turning to e-commerce channels to drive sales and acquire new customer segments.