TNG FinTech Group (“TNG”), Asia’s leading Fintech company, has teamed up with Visa, the global leader in digital payments, to launch prepaid solutions in six target markets across Asia, in a move that will further expand digital payment services in a region where adoption of digital wallets is gaining traction. The two companies officially revealed their partnership during the world’s leading Fintech event Money 20/20 Asia in Singapore.
The TNG and Visa partnership will explore enabling secure payment for online and face-to-face for the underserved as well as unbanked segments in the region. The prepaid payment solutions aim to tap into Visa’s worldwide acceptance network and will be integrated into TNG Wallet.
TNG focuses on six primary launch markets in Southeast Asia, namely Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, and subsequently expanding into other markets.
According to the World Bank, about 1.7 billion people in this world are unbanked(1) and in Southeast Asia alone it is estimated that only 27 percent of the population have banking accounts(2).
Alex Kong, Founder and Chairman of TNG, said: “As a FinTech company focused on Asia, we are committed to empowering the unbanked in this part of the world. With the backing of Visa, which has more than 50 million point-of-sale locations globally, we are confident that this strategic partnership will benefit consumers as well as merchants and retailers in all target markets.”
As a participant of Visa Fintech Fast-Track Program, launched last year, TNG can tap into Visa’s global network in as little as four weeks. The fast-track program provides a new commercial framework that includes access to Visa’s payment capabilities, competitive fees and streamlined processes, tailored to Visa’s fintech partners’ needs. The program also links fintechs to platforms that are already certified by Visa and connects fintechs to sponsoring banks.
Maaike Steinebach, Visa General Manager, Hong Kong and Macau said: “Our partnership with TNG, through the Visa Fintech Fast-Track Program, reinforces Visa’s ongoing strategy of providing customers with the widest and best possible choices of payment solutions while accelerating the adoption of digital payments across the region. We hope to continue to collaborate with TNG to expand access to digital payments from Asia and beyond, enabling simple, fast and secure payments for more people through Visa’s worldwide network and technology.”