Indonesia fintech PAYFAZZ invests US$30m in Singapore's Xfers; to form new entity

INDONESIA financial and payment service platform PAYFAZZ announced on Thursday a US$30 million investment in Singapore-based payment solutions provider Xfers. With the investment, both payment companies have also agreed to operate under a new entity, Fazz Financial Group (FFG), to provide financial services across South-east Asia.

FFG plans to launch two products - a zero-integration payment solution for Singapore-based merchants, and a single-integration solution to connect brands and fintechs looking to enter South-east Asia with local payment methods of the region.

Together, the group aims to strengthen its infrastructure and product offerings as Xfers focuses on "connecting external merchants to the payment infrastructure and user network amassed by FFG".

The two firms will still retain their respective names while operating under the new financial entity.

PAYFAZZ co-founder and chief executive officer Hendra Kwik will be group chief executive officer (CEO) of FFG. Mr Kwik will work alongside Liu Tianwei, co-founder and CEO of Xfers, who was appointed as deputy CEO of the new group. The two will remain CEOs of their respective companies.

"With the newly-formed FFG group, our team will be broadening the combined capabilities to accelerate inclusion through financial services in South-east Asia," said Mr Kwik.