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'SAMENA Daily' - News

Singapore fintech firm to launch e-payments platform in GCC

Singapore-based fintech start-up Texcent plans to roll out its Paycent payment platform in the UAE and elsewhere in the Arabian Gulf from March, following the scheme’s launch in Singapore and the Philippines last year, it said on Sunday.

“We are bringing the financial technologies of the Fourth Industrial Revolution (Industries 4.0) to today’s customers – especially the millennials who deal in both the fiat and digital currencies – and need a platform to convert them instantly without the hassles of going to an exchange and finding a buyer,” said Nitin Gupta, chief operating officer of Paycent.

“The Paycent debit card that will be available to customers in March this year will solve these issues and make it easier for consumers using both currencies. We are issuing the card globally.”

Paycent works through a debit-style card that enables users to instantly convert digital assets into local currencies. The app to facilitate conversions has been available for download since January 15.

“It is a global mobile dual e-wallet that can be funded by digital currencies, for example, Paycentos, bitcoin, Ether, Litecoin or bitcoin cash, as well as high-liquidity and fiat currencies, within the same mobile application,” the company said.

“This allows digital currency holders multiple avenues of spend, and straddles the world of fiat and digital currencies.”

Paycent’s expansion comes as the e-payments industry stands on the cusp of rapid growth, particularly in emerging markets. A total of 726 billion transactions using digital payment technologies are expected to be made by 2020, according to research last year by lender BNP Paribas and consultancy Capgemini.