Assembly Payments and Standard Chartered join forces

Local Westpac-backed fintech Assembly Payments has joined forces with British multinational bank Standard Chartered to launch a new ecommerce payments company that will be charged with taking Assembly’s tech offshore.

The new Singaporean-based company, which is yet to be named, will be owned 50/50 by the Australian firm and the British bank.

The deal between the $38.8 billion bank and the Aussie fintech has been a year in the making, with the pair first engaging about a possible joint venture 12 months ago.

Speaking to The Australian Financial Review, Assembly co-founder and co-chief executive Simon Lee said one of the challenges for the fintech was going to be managing the complexities of offshore expansion given the many different risk, regulatory and compliance issues between jurisdictions. Partnering with Standard Chartered was the solution.

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Source: Assembly Payments and Standard Chartered join forces