PayU, the fintech company owned by Nasper, is
expanding its business in Southeast Asia through a deal. The firm announced
about a new deal of purchasing a majority stake in Red Dot Payment firm.
Red Dot Payment is a Singapore based firm that offers
online payment solutions across Southeast Asia. The company was founded in 2011
by payment experts. The Red Dot Payment services include e-commerce
storefronts, payment gateway, and online invoicing throughout Southeast Asia.
The company offers integrated online payment solutions to customers in Asia.
The company has offices in Thailand and Indonesia.
Naspers is widely known for its payments and fintech
services in markets of India, Eastern Europe, Africa, and Latin America. Now
the firm will establish its presence in Southeast Asia through PayU. PayU has
taken a maximum stake in the Red Dot Payment firm. The deal with the online
payment solution provider is valued at $65 million. Red Dot Payment’s founder, Randy Tan, will hold
shares of the online payment company and other shareholders will quit.
The total fund raised by Red Dot Payment firm from
investors is not disclosed, but through Series B in 2017, it raised around $5.2
million. The company is supported by GMO of Japan, co-founder of Skype, Toivo
Annus, Wavemaker and MDI Ventures.
This deal will allow PayU to expand its business
across Southeast Asia and also enables the firm to bring the total amount invested
in M&A and fintech investment to over $700 million from 2016.
PayU said in a statement regarding to its investment
in the Red Dot Payment, “to becoming the leading payments
solution provider in high-growth markets” and the largest fintech investor
throughout the world.
PayU, Nasper-investor and South Africa’s headquartered, Internet group
will merge platforms of RPD into the PayU Hub.
As per Google-Temasek report, Southeast Asia will notice around $240
billion by 2025 in total payments size, and around 350 million internet users
in six largest nations.
PayU CEO, Laurent Le Moal said, the investment of PayU in Red Dot
Payment is the foremost step for growing its business in Southeast Asia.
Laurent le Moal mentioned, “We will now provide our existing global merchants
access to Southeast Asia with single API integration, thus strengthening our
global PayU Hub platform. Owing to the immense potential that the SEA market
presents, PayU sees a vast opportunity in this region to grow and innovate
Red Dot Payment CEO, Randy Tan shared his thoughts on the deal,
“We are pleased that Red Dot Payment will be part of the Naspers’ fintech
portfolio as we look forward to the continued extension of our business and
market position in Southeast Asia to be the fintech payment solutions champion
in this region.”
Red Dot Payment has rejected three proposals of
acquisition earlier. PayU offers services across the world and includes more
than 300,000 merchants also adds Google and Facebook to its list, he stated.
PayU is the number one business provider in India, and
the firm is rapidly expanding in Europe and Latin America, biggest markets in
Africa but no presence in Southeast Asia’s region, le Moal mentioned.
In 2018, Red Dot Payment (RDP) established its
presence in the African market by sealing a memorandum of understanding (MoU)
with Finserve Africa.
Mol mentioned that PayU also aims to offer services in Japan and Korea.
Finnovation Kenya 2019,
which willbe held on the 18th
June 2019 at the Mövenpick Hotel Nairobi,
will gather international FinTech experts and leaders together with African
pioneers, investors, government policymakers, entrepreneurs and leading bankers
to harness the FinTech revolution to boost strategic economic priorities such
as financial inclusion – and how FinTech can make a positive and profitable
difference in Africa. The event will also explore how
the major banks and financial institutions on the continent are addressing
the digital transformation of financial
services and how their own digital innovations are being shaped and accelerated as a result of the gathering
momentum of FinTech disruptors, register at Finnovation
unique environment for financial services in Africa is fertile ground for
innovative FinTech players who are capitalising on the opportunities to disrupt
or leapfrog established business models to make ﬁnancial services more
affordable, accessible and profitable across the continent. Finnovation Kenya 2019 is delighted to
welcome a stellar list of keynote speakers, including Chris Principe,
CEO of Solidus Global, Ltd and Publisher
of FinFuture & Financial IT;Jeremy Awori, Managing Director Barclays Bank of Kenya Ltd;Billy OwinoChief Executive
Wyckliffe Shamiah,Director Market Operations of Capital Markets Authority; Timothy
Nuy,Chief Executive Officer MyBucks; Declan Magero,Founding Partner of
Capital; Mumo Musembi,Group Chief Business Officer of Cellulant. The opening keynote session will define directions on Aligning the
Role of Government Policymakers, Banks, FinTech Innovators, Investors,
Multilateral Agencies, MNOs and the Private Sector to Advance the FinTech Ecosystem
CEO of Solidus Global, Ltd and Publisher
of FinFuture & Financial IT, speaking ahead of his participation in the
event, said that: “A very positive story, if one
that is not yet well understood, is unfolding in Africa. New technology, new
ideas and new business models are producing new opportunities. The distinctions
between telecom services providers, payments services providers and financial
institutions are breaking down. In virtually all African countries, there are
sufficient numbers of mobile phones ‐ which are not necessarily smartphones ‐
for previously unbanked people to have access to high quality financial
services at low cost. Innovative companies are using Blockchain technology and crypto
currencies to resolve fundamental problems such as lack of access to
electricity and lack of access to global financial markets. Finnovation Africa
highlights how FinTech is transforming Africa for the better, facilitating
payments, boosting financial inclusion and developing new enterprises. However,
the conference does much more than that, as it engages key stakeholders to
reveal how the entire world is changing. In many ways, Africa is a FinTech
leader, rather than a follower.”
Finnovation Kenya 2019
will also provide a platform to connect innovative start-ups with leading
investors in the African FinTech space and the Wolves’ Den session is one of the most dynamic features of the
event. The Wolves’ Den enables
innovative FinTech start-ups and trail-blazers to real-time test the positive
impact of their solutions. A panel representing savvy Investors/Venture Capitalists and seasoned African Fintech Pioneers will evaluate the business model of each
chosen start‐up or trail‐blazer in a high-stress 10 minute “elevator pitch” to the “Wolves” who
will ask the tough questions and provide the illuminating insights.
Speaking ahead of his participation in Finnovation Kenya 2019,Victor
Ndlovu, Country Manager | Senior Business Leader of Visa said that, “Kenya is at the forefront of leading that digital
payments revolution and for us (card payments firms), that depends on how we
push. With all these digital options, and considering Nairobi is the world
capital for mobile payment innovation, Digital payments are preferred because
of convenience, reduced transactional cost, and speed of execution — compared
to manual or cash-handling processes. We monitor trends around and appreciate
that East Africa has adopted the mobile more than it has adopted cards, so it
actually becomes very effective to be able to reach that segment. At Visa, we
are keen on being part of the everyday life of our customers. With the
ever-changing face of monetary transactions: cards and online dealings,
customers have become more tech savvy, decisive and particular about their overall
experience while transacting. To this end, Visa’s operations in Africa are
firmly based on bringing about innovative products that promote safe and
convenient transactions. Industry leaders from across the African and global
FinTech industry will gather at 2nd Edition of Finnovation Kenya to harness the
growing momentum around digital financial services into more inclusive and
productive economies across the world”.
perspective of a leading banker, Jeremy
Awori, Managing Director of Barclays
Bank of Kenya Ltd, reinforced that “the rapid growth of FinTech on the
continent is driving both the disruption and leapfrogging of legacy systems and
is further accelerating the digital transformation of financial services across
As a bank, our
innovation and digitization agenda is in top gear and is aimed at moving the
bulk of transactions to channels such as mobile banking, Internet banking and
agency banking in order to increase customer convenience. We have recently
launched our pioneer virtual banking proposition, Timiza, which offers our
customers a platform to conduct their financial transactions ranging from
borrowing, saving, bill payments and funds transfer etc from the comfort of
their mobile phones.
I look forward
to participating in Finnovation Kenya 2019 and engaging with FinTech pioneers from
across the continent to address how FinTech is contributing to the positive
transformation of financial services in Africa.”
Finnovation Kenya 2019
will take place at the Mövenpick Hotel Nairobi, Kenya on the 18th June 2019 and will gather all stakeholders and
influencers in the African FinTech ecosystem, from innovative start-ups to
banking powerhouses, representing the key markets across Africa and
Crowdfunding & Fintech Association (NCFA), the non-profit cross-body
organisation that promotes and supports fintech and funding throughout Canada,
is proud to announce additions to the speaker line-up and programme for its
flagship Fintech and Financing
Conference – FFCON19: FEARLESS – taking place in Toronto April 3-4.
Now in its 5th year, FFCON19 will bring together prominent
industry experts, entrepreneurs, professionals, regulatory bodies and ecosystem
stakeholders in fintech, blockchain, crypto, AI, capital markets innovation and
alternative finance to discuss Canadian fintech and its ability to innovate and
globally compete, the latest industry developments, emerging regulation, trends
and thought leadership in a fearless framework and forum.
The two-day event will feature inspiring keynote addresses and
panel discussions with industry leaders, pitching competitions, awards, and
prime networking opportunities.
speakers include The Honorable
Bill Walker, Minister of Consumer and Government Services,
Ontario, and steward of the Province’s new Data policy; and Teri Kirk, Founder & CEO
of Funding portal who will discuss Open Data vs. Proprietary Data, examining
public and private sector values, views, and issues.
investors speaking at FFCON19 include Robert Antoniades General Partner and
Co-Founder Information Venture Partners, Karim Gillani General Partner Luge
Capital, Christian Lassonde Founder
& Managing Partner Impression Ventures, Russell Samuels Partner
Whitecap Venture Partners, and Sunil
Sharma Managing Director Techstars Toronto.
FFCON19 is very honored to have such influential speakers at
this year’s conference,” said Craig Asano, Founder and CEO of NCFA. FFCON is
proving to be an increasingly important event for promoting innovation in the
fintech and funding industry in Canada. The support and contributions of these
authoritative leaders will serve to further advance innovation in the sector.”
featured entrepreneurs and innovators sharing their FEARLESS strategies for
innovation and growth are Anthony
Di Iorio Co-Founder, Founder & CEO of Ethereum, and
Jaxx & Decentral; Dr.
Dan Rosen Chief Executive Officer d1g1t Inc., the
enterprise financial technology company serving the wealth management
industry; Eli Fathi President
and CEO Mindbridge AI, recognised as a CIX Top 20 in 2017; and Toufi Saliba
Founder and CEO TODA Network.
Day 1 will feature an afternoon program of interactive sessions
to discuss topics key to industry growth, regulatory challenges in fintech
sectors, and advanced workshops such as applying design thinking to develop
consumer-centric, data-driven products followed by a VIP networking reception
at Gowling WLG (Canada) LLP.
Day 2 will feature the full day FFCON19 conference that
showcases new technologies and fresh thinking around challenging topics from
open banking, digital securities, crypto commodities and investment
crowdfunding to the latest developments in AI finance models and enterprise
blockchain adoption, use cases and projects. Twelve people’s choice emerging
fintech start-ups will pitch and the main stage will host a consultation with
the Ontario Government, CSA Regulators and fearless dialogues on Canada’s
ability to innovate, compete, grow and sustain industry.
Building on the success of last year’s sold-out conference, NCFA
has expanded this year’s program with the formal launch its inaugural Global
Fintech Education program for entrepreneurs in conjunction with Next Decentrum
Technologies. Attendees will get an exclusive first look at the program and VIP
attendees will receive complimentary enrolment with conference registration.
innovation and funding for early stage companies FFCON19 is offering start-ups
discounted tickets which can be applied for via this link:
Crowdfunding & Fintech Association (NCFA) is a financial innovation
ecosystem that provides education, market intelligence, industry stewardship,
networking and funding opportunities and services to thousands of community
members and works closely with industry, government, partners and affiliates to
create a vibrant and innovative fintech and funding industry in Canada.
Decentralized and distributed, NCFA is engaged with global stakeholders and
helps incubate projects and investment in fintech, alternative finance,
crowdfunding, peer-to-peer finance, payments, digital assets and tokens,
blockchain and cryptocurrency, Regtech, and Insuretech sectors. To learn more
about NCFA visit www.ncfacanada.org
About FFCON19: FEARLESS
(2019 Fintech and Financing Conference) is an annual conference hosted by Canada’s
National Crowdfunding and Fintech Association (NCFA). Now in its fifth year,
FFCON19 will bring together professionals and innovators in fintech,
blockchain, cryptocurrency, and alternative finance. The theme of FFCON19
is FEARLESS which exudes the boldness
of the fintech space where small players are challenging orthodoxy, going
against convention and transforming the financial industry with innovative
models and thinking. The event is being held April 3-4 in downtown Toronto.
The Crypto Digital Space Conference to be held at the Downtown Conference Center in New York on 17th of May 2019 will feature a premier speaker lineup of renowned cryptocurrency and technology experts that will cover a great range of innovative and exploratory topics, as well as the surging questions pulsing throughout the cryptomarkets today. The event will be hosted by the international financial consultancy company Storm-7 Consulting in partnership with the boutique market intelligence firm OTC Partners.
The attendees will be provided with an examination of the latest Cryptocurrency strategic implications, trends, investment strategies, investment factors and cryptocurrency usages and will benefit from a much more in-depth understanding of how Cryptocurrencies operate, the risks involved and the upcoming regulatory developments.
During the four sessions, the conference will explore in-depth areas such as the efficiencies within the global digital currency markets, the opportunities of dislocated markets, the challenges and solutions of maintaining consistent liquidity within turbulent digital markets, the technology solutions for delivering and managing digital assets and navigating the digital asset marketplace; the future of Artificial Intelligence (AI), machine learning and the Cryptocurrency markets and many others.
Vladimir Danishevsky – Head of Corporate Bonds Flow eTrading IT, Citi
Michael Petersohn – Co-Founder, ARC FinTech
Garrett Nenner – Global Head of Trading Product, Linedata
Biser Dimitrov – Former Technology Director, BlockEx
Eugene Lee – CFA, Co-Founder and Partner, Digital Mosaic Capital
Jim Kyung-Soo Liew – Ph.D. Assistant Professor and Co-Founder, SoKat.co
Brian Koralewski – Partner, Austere Capital
Mark Goldman – Principal, Zash
Bryan Feinberg – CEO/Founder, Etheralabs/Plato Technologies Inc. and Plato Search Inc.
Gabe Frank – Institutional Custody and Cryptocurrency Security, BitGo
Haim Bodek – Managing Principal, Decimus Capital Markets
Wilfred Daye – Head of Financial Markets, OK Coin
Richard Rothenberg – Executive Director, Global A.I. Corp
Ron Quaranta – Chairman and CEO, Wall Street Blockchain Alliance
Sol Steinberg – Founding Partner, OTC Partners
The event promises to provide a perfect opportunity for networking during the extensive Networking Breakfast, Refreshment, Lunch Breaks and Post Event Drinks Reception, especially because it will be attended by a significant number of industry professionals and enthusiasts, such as blockchain experts, cryptocurrency enthusiasts and investors, banking professionals, compliance analysts, financial technology (FinTech) and regulatory technology (RegTech) professionals and others.
Sol Steinberg, Founding Partner of OTC Partners and host of the event notes: “The conference is a must for all professionals that are dealing with or are interested in the Cryptocurrency field, as it will provide unique and unprecedented insights. I am certain it will provide one of the most perceptive analysis reviews of the Cryptocurrency landscape available anywhere.”
FxPunch is a leading global forex news portal, offering the latest market research news and commodities. We provide deep informative real-time news on cryptocurrency in addition to technical analysis on foreign exchange. We are here to enlighten traders with the breaking news and excellent trading strategies.