MatchMove Pay Pte Ltd | APEA - Regional Edition - Asia Pacific Enterprise Awards

MatchMove Pay Pte Ltd



MatchMove Pay Pte Ltd

Financial Services Industry

Information about the Company

MatchMove, founded in Singapore in 2009, began as a business-tobusiness online media and entertainment company offering feelgood entertainment content, including music, videos, and games, localised for APAC audiences, to global brands such as Yahoo! as well as regional media and telecommunication providers including Media Prima, Telkomsel, Starhub and Media Corp. MatchMove’s mission was to give everyone at least one minute of happiness each day.

Corporate Culture and Initiatives

During this phase of the business, MatchMove noted that a key challenge with serving customers across the region was a lack of easy to access and seamless to use digital payment options. At the time, less than 3% of the ASEAN population had a credit or debit card and were effectively excluded from the growing digital economy.

Pivoting to payments in 2014, MatchMove received a licence from the Monetary Authority of Singapore and in parallel developed an innovative and fully Payment Card Industry Data Security Standard (PCI-DSS) certified financial services platform – the MatchMove Bank Operating System (MMBOS) – with the mission of providing everyone everywhere the ability to Spend. Send. LendTM and improving their digital quality of life.

Everyone, everywhere can Spend. Send. Lend.TM

MatchMove has issued more than 3 million cards to end customers globally, performed more than 28 million transactions, executed more than US$ 1.5 billion in transaction value, and expanded into India, Indonesia, Thailand, the Philippines, and Vietnam.

Growth Initiatives

Recognising that Spend, Send, and LendTM are the three major financial activities people need, the MatchMove Bank OS is purposebuilt to support these products as a technology-driven, API-first financial services platform. With only a few lines of software code, any app can become a bank and offer white-label financial services, from basic banking accounts to international payments, from lending to payment cards. With this platform, MatchMove’s clients can easily build engaging customer experiences that incorporate seamless financial activities under their own brand. With MatchMove’s partnerships with Mastercard, Visa, and Rupay, branded payment cards are a click away.

This is a true win-win situation. Customers win with more choice and bespoke financial services through the brands and channels they already know and love. Enterprises win with frictionless and integrated customer experiences, as well as new streams of customer engagement and revenue.

To further empower these enterprises, MatchMove LightSpeed is an industry-first solution, exclusive to MatchMove, that enables an enterprise to build and launch an own-brand payment app in less than three minutes, with own-brand Mastercard, Visa, or Rupay cards in three days.

Achievements and Impact

Since 2014, MatchMove has launched more than 60 white-label wallet and prepaid card programmes with clients, with an additional 50 programmes planned for launch in 2022. MatchMove has issued more than 3 million cards to end customers globally, performed more than 28 million transactions, executed more than US$ 1.5 billion in transaction value, and expanded into India, Indonesia, Thailand, the Philippines, and Vietnam.

MatchMove has seen clients develop completely new and innovative business models using the Bank OS platform, including teaching children financial literacy, corporate expense management, employee flexible benefits, salary accounts, subscription remittance services, transportation wallets, fuel cards, loan disbursement, collections, investment accounts, and more.

MatchMove has continued to innovate and to provide new services leveraging MatchMove’s expertise in technology-enabled domestic and international payments. These include launching new products such as BOSS Mobile Money, a remittance platform focusing on financial inclusion, RemitSend, a business-focused remittance subscription service, and DelytePay, an inclusive and simple to use mobile wallet.

RemitSend exemplifies MatchMove’s commitment to speed and innovation. The product was envisioned during the start of the COVID-19 pandemic. With a fully remote team, it was designed, built, and launched in 100 days. MatchMove follows this same approach with all its major projects, whether they are new product launches, new market expansions, or new features for clients.

One of the greatest challenges that any fintech faces when expanding to new countries is compliance with all local and international regulations and laws. Working closely with licenced financial institutions and national regulators, the MatchMove Bank OS is certified and fully compliant in every market. This removes the compliance complexity for enterprises and enables almost instant market entry for any globally focused company.

Future Direction

Looking ahead, MatchMove is preparing to expand into Hong Kong, Malaysia and Taiwan in 2021, with Australia, China, Japan, New Zealand, South Korea, and others in APAC in 2022. MatchMove is also exploring more financial products, including insurance and investments, to provide a complete financial experience.

MatchMove views transparent, affordable, digital payment services and fair finance to be key to the economic growth of APAC and the regrowth of micro, and small and medium-enterprises and employment opportunities worldwide. The MatchMove Bank OS is envisioned to be a key enabler in the future of inclusive and accessible financial services.