Singapore-based fintech startup Wallet Engine has partnered with cloud banking platform Mambu to fast-track the development of its wallet-as-a-service offering, which aims to become the go-to solution to embed financial services into any app. Wallet Engine 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.
Gregor Arn, CEO and Co-founder at Wallet Engine explained: “Traditionally, if a customer wanted to send a small amount of money to someone else via their bank or financial provider, it was a very difficult and incredibly expensive exercise – often the fees would swallow the amount being transferred. Wallet Engine wanted to solve this problem by focusing on micro transactions and removing the problems created by the unique regulatory systems in different countries. We believe that making low-value, cross-border cash transfers quick, easy, and inexpensive will have a significant impact on financial inclusion, particularly in those countries that are currently underbanked or underserved. Our wallet-as-a-service subsequently enables organisations in all sorts of industries to launch their own branded wallets to provide their customers with added value that is convenient and simple.”
Wallet Engine empowers 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.
Myles Bertrand, Managing Director APAC, at Mambu, said: “Wallet Engine came up with an ingenious solution to a long-held problem, that being, how can people send small amounts of money to each other, across countries, without it costing more than the transaction’s value? Now, with their wallet-as-a-service offering, they’ve made this technology available to other businesses who want to offer their own customers this innovative solution. It’s been especially gratifying that this project has been designed, developed, and launched right here in Singapore – it’s a great indication of the current strength of Singapore’s fintech ecosystem.”
Wallet Engine’s globally compliant wallet-as-a-service is currently operational in Singapore – with Mambu’s platform underpinning the solution, which could enable optimum flexibility and speed – 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.