Japan’s Credit Saison invests in Singapore fintech startup MatchMove

By Digital News Asia January 9, 2015

SEA online and mobile-based purchases to exceed US$22bil in 2015
MatchMove aims to bring uncarded, unbanked shoppers into e-commerce economy

Japan’s Credit Saison invests in Singapore fintech startup MatchMove SINGAPORE-based MatchMove Pay announced that it has completed an investment round, with Japan’s Credit Saison as the lead investor. The sum was undisclosed.

Also investing in this round was Japan’s GMO Venture Partners, MatchMove Pay said in a statement.

The company’s other investor is Vickers Capital Group, which in October 2009 pumped in an undisclosed amount as well.

South-East Asia is set to become one of the world’s fastest-growing markets for e-commerce, with online and mobile-based purchases expected to exceed US$22 billion in 2015, MatchMove Pay said.

“Based on our experience in an advanced market like Japan, we believe that South-East Asia will evolve into a cashless society as the growth of credit cards, prepaid cards and smartphone payments continue to gain momentum,” said Credit Saison president and chief executive officer Hiroshi Rinno.

“MatchMove Pay has addressed each of these three critical factors through its sophisticated B2B (business-to-business) 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,” he added.

With Credit Saison becoming a “key shareholder” in MatchMove Pay, Credit Saison Asia Pacific managing director Akihiro Matsuda will join the latter’s board of directors 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 cofounders Shailesh Naik (chief executive officer) and Hsueh Huah Leow (chief operating officer) as executive directors.

“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,” said Shailesh.

“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,” he declared.

In 2014, MatchMove Pay launched the MatchMove Wallet mobile payment card, in partnership with American Express.

The MatchMove Wallet is a platform-as-a-service that enables consumer brands, banks, telcos and regional e-commerce sites to issue secure mobile payment cards, the company said. The wallet also supports other major networks like MasterCard, Visa, Union Pay and JCB.