Credit: JP Morgan Chase via Computerworld
Silot -- Singapore's cloud-based TechFin company -- has announced plans to unify mobile e-payments in Asia with a singular QR code.
The company has launched its unified QR code payments platform in Australia, and is working towards bringing it to Singapore and the region.
Silot has an research and development (R&D) centre in Beijing, and the majority of its key personnel are from payments and technology companies such as BAT (Baidu, Alibaba, Tencent), PayPal, Garena, First Data, Braintree, and Lenovo.
This talent pool empowers Silot to transform consumer payments in Singapore and the region through unifying QR code technologies.
"Through the Silot Merchant System, merchants can achieve greater flexibility in customising marketing promotions, with higher accuracy through targeted marketing, allowing the merchants a clearer understanding on their marketing ROIs," said Marc Liew, head of Growth at Silot. "Silot's deep learning platform works by matching the users' purchasing preferences and merchants' offer with multi-dimensional customer profiling and spending-habit recommendations."
Silot is backed by ZhenFund, a Chinese seed fund founded by renowned tech investment guru Xu Xiaoping.
The company has enjoyed a successful launch in Australia, where it partnered with Superpay to power a unified QR code payments platform for several merchants such as UGG, L'Occitane and Sydney
Silot has already processed over tens of millions of Australian dollars transactions and is in discussion with several major banking institutions in Singapore, Malaysia, Thailand, and Indonesia to implement unified QR code payments technology.
The Silot Merchant System allows physical store merchants in Singapore to accept payments from consumer e-wallets in the consumer's preferred home currencies, through a singular QR code while having all transaction data comprehensively recorded within the merchant web dashboard.
This frees up the merchants from having to run multiple backend systems in order to accept different e-wallet payment methods.
"We aim to unite all available payment methods in the market, while working closely with banks and other financial institutions to connect merchants and consumers across international borders, forming a unified payment network between different banks, payment methods and e-wallets," said Silot's CEO Andy Li.
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