Pine Labs, the Noida-headquartered merchant commerce fintech company, has made an undisclosed investment into Malaysia-based fintech platform Fave.
According to a press release, under the terms of the partnership, Fave’s QR code will become interoperable and integrated with Pine Lab’s point of sale terminals across South-East Asia.
Following this partnership, Fave’s merchant payment acceptance and loyalty cashback solutions will expand into both debit and credit cards platforms via Pine Labs payment terminals.
Both the fintech companies have their operations across South-East Asia. Pine Labs processes payments of $30 billion per year, and serves some 150,000 merchants across about 450,000 network points in India, South-East Asia, and the Middle-East. Fave operates in 35 cities across Malaysia, Singapore, and Indonesia.
B Amrish Rau, CEO, Pine Labs, said, “We’re excited to invest in Fave and partner with their leadership to provide integrated merchant commerce in South-East Asia. Fave’s expertise in operating merchant loyalty programmes and the QR space, and our own expertise in providing payments, loyalty, and gift solutions will help merchants in the region navigate expansion in the post COVID-19 world.”
According to the release, nearly 50,000 of Fave’s and Pine Labs’ merchants in South-East Asia will benefit immediately from the partnership. The collaboration aims to scale and grow more businesses digitally in the coming months.
Fave’s Co-Founder and CEO, Joel Neoh, said, “We will work with Pine Labs to further strengthen Fave’s mission of helping merchants adapt to and digitalise in the new normal.”
According to Fave and Pine Labs, the post-pandemic recovery in South-East Asia has started with promising signs that it is underway with specific sectors such as automotive sales and F&B.
A research by Mastercard’s Impact Studies stated that there has been a notable decrease in cash usage since the start of the pandemic. The Asia-Pacific region is leading the surge in digital payments with majority of consumers believing it is the cleaner, safer way to pay. Around 91 percent of those surveyed reported that they are now using tap-and-go payments.