SettleBank Signs MOU with Asia's Largest Electronic Payment Company, AsiaPay

[Asia Economy Reporter Hyunseok Yoo] Fintech company SettleBank announced on the 14th that it has signed a strategic business partnership memorandum of understanding (MOU) with AsiaPay, Asia's largest electronic payment service provider, to establish a global payment network.

SettleBank and AsiaPay agreed to expand a pan-Asian easy cash payment network and prepare marketing cooperation plans necessary for the introduction of electronic financial services based on the electronic payment service technology and local payment infrastructure each company possesses.

Through this agreement, SettleBank will target the Southeast Asian payment market centered on 13 countries where AsiaPay provides services, including Hong Kong, Indonesia, Thailand, Malaysia, Singapore, Vietnam, and the Philippines. AsiaPay plans to explore entry into the Korean market by leveraging SettleBank’s strengths in platform and financial service competitiveness and its domestic electronic financial payment network.

In particular, through the core of the MOU, outbound cross-border payment (Outbound Cross border, borderless payment), both companies intend to accelerate the era of 'borderless payment' by supporting the use of SettleBank’s easy cash payment service at local merchants in each country where AsiaPay operates.

SettleBank stated, “The world is rapidly moving toward a cashless society, and the global financial consumers’ demand for cross-border payments is steadily increasing. Through this agreement, we will expand the Southeast Asian payment network infrastructure together with AsiaPay to provide convenient and secure lifestyle financial platforms to domestic and international financial consumers.”

AsiaPay is Asia’s largest electronic payment service provider, offering processing and solutions related to credit cards, debit cards, and easy payments to 100 banks, credit card companies, and payment service providers in 13 countries including Indonesia, Thailand, Singapore, Vietnam, Taiwan, and India. Founded in 2000, it is headquartered in Hong Kong.

SettleBank is a fintech service specialist company providing electronic financial and payment platforms, established in 2000. Since launching Korea’s first account-based easy cash payment service in 2015, it has maintained an unchallenged No.1 position in the easy cash payment market. It collaborates with a total of 26 financial institutions, including the five major domestic commercial banks and securities firms.

This content was produced with the assistance of AI translation services.