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Nium Expands Regional Footprint in Asia; Signs Partnership MOU with Indonesian Payments Infrastructure Leader, Artajasa

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Global payments expansion in Indonesia; adds to recent successes in Korea and Thailand

BANGKOK, April 22, 2024 /PRNewswire/ — Nium, the global leader in real-time cross-border payments, today announced it will sign a partnership Memorandum of Understanding (MOU) with Artajasa, one of Indonesia’s leading payment infrastructure companies. Artajasa operates the switching services banks and fintechs use to facilitate fast, secure, and reliable electronic transactions. The partnership will ensure seamless, real-time, cross-border transfers between Indonesia and the world.   

The MOU will be signed tomorrow at Money 20/20 Asia in Bangkok by Nium’s Executive Vice President and General Manager for the Asia Pacific and Middle East regions, Anupam Pahuja. The strategic collaboration demonstrates Nium’s commitment to modernizing the world’s cross-border payments infrastructure, bringing it into the real-time era.

Under the leadership of Pahuja, who joined the company in 2023, Nium has expanded significantly in the region. Today Nium announced that its partner, Jeonbuk Bank in Korea, has gone live with its real-time remittance service, enabling the bank to serve a growing number of immigrant clients better.   

In Thailand, Nium has proven to be the gold standard for cross-border payments, its platform powers four of the country’s premier banks: Kasikorn Bank, Krungsri (Bank of Ayudhya), Krungthai Bank, and Siam Commercial Bank. These partnerships further underscore Nium’s commitment to delivering innovative financial services and fostering long-term relationships with key industry players.

“Nium’s growth in APAC reflects our dedication to transforming the global financial landscape,” said Anupam Pahuja, Regional Executive Vice President of APAC & MEA. “By partnering with leading institutions like Artajasa and JB Bank, we aim to help businesses accelerate their growth across the region with secure, efficient, and innovative financial solutions.”

“As an institution that has experience in providing solutions for various digital payment services in Indonesia, we certainly welcome the strategic collaboration established between Nium and Artajasa to expand cross-border payments, while encouraging digital penetration in Indonesia, regionally and globally. This collaboration will certainly further strengthen our commitment to providing integrated, easy, and secure payment solutions to answer customer needs,” explained Heru Perwito, Director of Business, Artajasa.

In addition to growth in the region, Nium recently launched a new data-backed white paper that addresses cross-border B2B payment challenges in APAC, current initiatives, and the important role of intermediaries, alongside Asia’s leading payments, banking, and capital markets research firm, Kapronasia.

Nium’s extensive portfolio of licenses and registrations cover more than 40 countries globally. In 2024, Nium has received approvals / in-principle approvals for four licenses and registrations, including:

  • Japan: Type 1 Funds Transfer Service Provider (FTSP) license from Japan’s Financial Service Agency (FSA);
  • India: Prepaid Payment Instrument (PPI) license from the Reserve Bank of India (RBI);
  • India: Payment Aggregator (PA) license from the Reserve Bank of India (RBI); and,
  • New Zealand: Registration on the Financial Service Provider Register (FSPR).

About Nium  

Nium, the leader in real-time, cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 190+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore. 

About Artajasa:

PT Artajasa Pembayaran Elektronis (Artajasa), a trailblazing pioneer in the Indonesian banking infrastructure network and establishing itself as a market leader in switching services, including ATM Bersama, ATM Bersama Debit, ATM Bersama QR and connected to more than 80.000 ATMs with 98 bank members throughout Indonesia. Artajasa is also provide of Payment Services, Settlement Services and Managed Services for many industries, such telecommunications services, multi-finance, insurance, public services, energy, education, transportation, electronic money, credit cards, e-commerce, donations and so on.

Artajasa continues to strengthen the payment system ecosystem as a form of Artajasa’s support as a leading integrated cashless payment enabler company in Indonesia, by providing optimal services for various institutions, customers, and the public through various integrated payment system service solutions.

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PB Fintech slips 2% after over 8 million shares change hands via block deal

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PB Fintech witnessed a 2% decline in its stock price, reaching Rs 1,313.65 per share, as approximately 8.4 million shares, equivalent to 1.86% of outstanding shares, were exchanged via block deals on the exchanges. By 9:44 AM, the volume surged to 9 million shares collectively on both exchanges, while PB Fintech’s stock price dipped by 0.56% to Rs 1,333 apiece, contrasting with a 0.22% decline in the S&P BSE Sensex.

Executive Share Sales

On May 16, PB Fintech announced that its Chairman and CEO, Yashish Dahiya, alongside Vice Chairman and Whole-time Director, Alok Bansal, intended to sell partial stakes in the company. Dahiya plans to sell up to 5.4 million equity shares, while Bansal aims to divest up to 2.97 million equity shares. Proceeds from the sale will be allocated primarily towards taxes on current and future ESOP exercises.

Following the sale, Dahiya will retain a 4.83% stake, while Bansal will hold a 1.63% stake in PB Fintech on a fully diluted basis. The company clarified that no further share sales are planned by the duo for at least one year.

Company Profile and Financial Performance

PB Fintech is actively involved in providing integrated online marketing and IT consulting services, primarily for the financial services industry, including insurance. The company operates Policybazaar, India’s largest digital insurance marketplace, and Paisabazaar, which offers lending-related services.

In Q4FY24, PB Fintech reported a net profit of Rs 60.19 crore, marking a significant improvement from the Rs 9.34 crore loss in the corresponding period of the previous year. The company’s revenue from operations surged by 25.4% year-on-year to Rs 1,090 crore in Q4 FY24, compared to Rs 869 crore in Q4 FY23.

For the entire fiscal year, PB Fintech’s net profit stood at Rs 64 crore, contrasting with the Rs 488 crore loss in FY23. The company’s consolidated operating revenue rose by 34% year-on-year to Rs 3,437 crore.

Analyst Perspectives

Analysts at Nuvama Institutional Equities raised their FY25/26 Ebitda estimates significantly to accommodate higher growth and improved profitability. However, they maintained a ‘Reduce’ rating on the stock due to its rich valuation, revising their target price to Rs 1,160.

Keynote Capital downgraded PB Fintech’s stock to ‘Reduce’ from ‘Buy’, citing that most of the positives appear to be priced in. Despite acknowledging the company’s positive momentum and profitability, the brokerage believes that current market expectations may be overly optimistic.

PB Fintech continues to navigate its growth trajectory amidst strategic initiatives and evolving market dynamics, as reflected by varying analyst viewpoints.

Source: business-standard.com

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US fintech Yendo secures $165m in mix of debt financing and equity

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Yendo, a prominent fintech company based in the United States, has successfully secured $165 million in funding through a combination of debt financing and equity investment.

Funding Structure

The funding round comprised a mix of debt financing and equity infusion, highlighting investors’ confidence in Yendo’s growth prospects and business model. This significant financial injection underscores Yendo’s position as a key player in the fintech sector.

Investment Highlights

Yendo’s ability to attract such substantial investment underscores its appeal to investors. The company’s innovative approach and strategic positioning within the fintech landscape have positioned it for accelerated growth and market expansion.

Utilization of Funds

The newly raised capital will likely be deployed to fuel Yendo’s expansion initiatives, including product development, market expansion, and strategic acquisitions. The infusion of funds will provide Yendo with the financial resources needed to capitalize on emerging opportunities and consolidate its market position.

Market Impact

Yendo’s successful funding round is expected to have a positive impact on the broader fintech market, signaling investor confidence in the sector’s growth potential. The influx of capital into Yendo reflects the ongoing trend of significant investment activity within the fintech industry, driven by increasing demand for innovative financial solutions.

Source: fintechfutures.com

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Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub

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Commerce Bank, headquartered in Kansas City, USA, has recently activated the FedNow instant payments service as part of its ongoing modernization efforts.

Collaboration with Temenos

Commerce Bank has partnered with Temenos, a leading Swiss vendor, to enhance its real-time payment capabilities. This collaboration builds upon Commerce Bank’s previous deployment of Temenos’ core banking platform in 2022 and its adoption of the Infinity loan origination solution earlier this year.

Utilization of Temenos Payments Hub

Commerce Bank has opted for the Temenos Payments Hub to integrate the FedNow service seamlessly. According to Temenos, this choice aims to amalgamate advanced banking products with cutting-edge delivery methods.

Insight from David Roller

David Roller, CIO of Commerce Bank, views this selection as a strategic step in their modernization journey. He emphasizes the bank’s commitment to meeting the evolving expectations of its customers by leveraging the capabilities offered by the Temenos platform.

Features of the Platform

The Temenos Payments Hub, delivered via Software-as-a-Service (SaaS), offers a comprehensive suite of payment tools and frameworks. These include features like straight-through processing, automated exception handling, cloud security measures, intelligent routing, and customizable workflows.

Leveraging the US Model Bank

In addition to the Temenos Payments Hub, Commerce Bank has also leveraged Temenos’ US Model Bank. This collection of pre-configured banking processes is tailored to address the specific requirements of the US market, further enhancing Commerce Bank’s operational efficiency and customer service.

Source: fintechfutures.com

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