Standard Chartered is partnering with Australian FinTech firm Assembly Payments for a new e-commerce venture.

The new company, which will be headquartered in Singapore, is aiming to develop “next generation payment solutions” for the $29 million e-commerce industry.

Standard Chartered said the venture has been established with a view to grow the business globally, starting with emerging markets in Asia, and offer a digital payment platform to manage transactions across multiple payment types and countries, including online, mobile and point of sale, digital wallets, debit and credit cards, and real-time payments.

The take up of e-commerce has expanded rapidly in the growing middle-class populations of Asia. The digital platform offering would aim to help merchants scale and solve challenges including risk management, fraud, integration, reporting and reconciliation.

Alex Manson, head of SC Ventures, the investment and ventures arm of Standard Chartered, said: “As the world moves towards platform-based e-commerce, the need for the next generation of tools to empower merchants and enable financial inclusion continues to grow.

“We identified payments as an area where we wanted to make a strategic investment – Assembly Payments shares our vision and we are pleased to partner them based on the strength of their core technology and talented team.”

Assembly Payments has been working to capitalise on the demand for new payment solutions - brought on by the introduction of the country’s fast payment network, the New Payments Platform - in Australia and abroad.

Simon Lee, co-chief executive at Assembly Payments, said: “We have created a significant business in Australia and now, together with Standard Chartered, we are well placed to crack the international payments market and exponentially grow the business.”

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