PayKey launches JV with SBI Holdings to bolster our presence in Asia
As part of our plans to expand the usage of our Social Banking Solution™ across South East Asia, PayKey has formed a joint venture with SBI Holdings – a leading financial institution in Japan. The newly formed entity, SBI PayKey Asia, will support the sales and market launch of our solution by both financial and non-financial companies across the region. In Japan, several financial institutions are on the move for the introduction of the solution.
“We believe that PayKey is the best solution to enable P2P payment transactions within the social messaging applications, just like chatting”, said Yoshitaka Kitao, President & CEO of SBI Holdings, in an official statement. “It would also support financial institutions to improve their services and attract younger generations. We expect that the new convenient experience brought by PayKey would accelerate the need for the transition to neo-bank in the Japanese market.”
“The usage rate of banking applications in Asian countries including Japan is still low, and we are lagging worldwide”, explains Hayato Koeda, President and CEO of SBI PayKey Asia. “We are confident that by partnering with PayKey, the unique and proven solution in various countries, we can deliver a frictionless user experience to consumers in Japan and Asia and increase the usage rate of mobile banking applications.”
PayKey’s solution is already live today with several leading banks and e-wallets across Southeast Asia, including PhonePe in India, NH bank and Shinhan in South Korea, Standard Chartered in South Korea, Hong Kong and Taiwan – to name a few.