Standard Chartered Grows Digital Payments Proposition
In this article (5)
The bank is doubling down on its commitment to the payments industry with its investment in a global cross-border payments platform. SC Ventures, the innovation, ventures and fintech investments unit of Standard Chartered bank, has made a strategic investment in Ireland-based CurrencyFair, it announced in a statement.
As a result of the investment, CurrencyFair will merge with Assembly Payments, an Australia-based platform that automates complex payment workflows, which is invested into in 2020. The combined entity will offer the full range of payment services, providing retail and corporate clients access to fast, high-volume domestic and cross-border payments, the announcement said.
The announcement highlighted a $2 trillion revenue market for payments, citing figures by McKinsey & Company, as well as an increasingly complex global cross-border business payments market.
Paul Byrne, CEO of CurrencyFair, will lead the merged business, which will focus on payments, global payment accounts, partner ecosystem, lending and settlement, and services.
Questions & Answers
Q.What is the primary reason for Standard Chartered's investment in CurrencyFair?
What is the primary reason for Standard Chartered's investment in CurrencyFair?
Standard Chartered is investing in CurrencyFair to strengthen its commitment to the payments industry. The move aims to enhance its digital payments proposition, particularly for fast, high-volume domestic and cross-border transactions for retail and corporate clients.
Q.Which companies are merging as a direct result of this investment?
Which companies are merging as a direct result of this investment?
Ireland-based CurrencyFair will merge with Australia-based Assembly Payments. This merger is a direct consequence of SC Ventures' strategic investment in CurrencyFair, aiming to create a combined entity offering a full range of payment services.
Q.What specific services will the newly combined business offer to clients?
What specific services will the newly combined business offer to clients?
The merged business will provide a full range of payment services, including fast, high-volume domestic and cross-border payments. It will also focus on global payment accounts, a partner ecosystem, lending, settlement, and additional related services.
Q.Who will be in charge of leading the new merged entity?
Who will be in charge of leading the new merged entity?
Paul Byrne, the current CEO of CurrencyFair, has been appointed to lead the newly combined business. This leadership decision was part of the announcement regarding SC Ventures' strategic investment and the subsequent merger.
Reader pulse
Is Standard Chartered's merged payments entity a significant market disruptor?
20,042 votes so far