Wallet Engine produces globally compliant Wallet-as-a-Service solution

Friday 1 April 2022 12:30 CET | News

Singapore-based fintech Wallet Engine has partnered with banking platform Mambu to develop its Wallet-as-a-Service for any apps or user experience.

Wallet Engine facilitates non-financial organisations to launch their own branded wallets for seamless money transfers between their users, regardless of the dollar amount or country of origin, with its core focus on micro transactions and cross-border capabilities.

The news comes amid rising demand for embedded finance solutions, with the global market predicted to reach a worth of USD 7.2 trillion by 2030. This reflects a shift toward ‘anywhere finance’ during the pandemic, with non-financial sectors expected to respond more quickly to changing consumer needs, according to the press release.

The fintech plans to help solve the issue of cross-border compatibility, as well as offer a solution for individuals and businesses wanting to make micro transactions. Company officials stated that traditionally, if a customer wanted to send a small amount of money to someone else via their bank or financial provider, the fees would often swallow the amount being transferred. They wanted to solve this problem by focusing on micro transactions and removing the problems created by regulatory systems in different countries.

The globally compliant Wallet-as-a-Service solution is operational in Singapore, with Mambu’s composable platform underpinning the solution, and will be rolled out across the wider Asia Pacific region throughout 2022. It can provide the foundation for contextual peer-to-peer payments, micro-finance, and in-app economies, to name a few applications. The two companies will continue to work together to drive financial change in Asia Pacific.

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Keywords: digital wallet, partnership, product launch, cross-border payments, money transfer, compliance
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce