Fintech platform, Fave has announced a strategic partnership and investment from Pine Labs, a digital payments and merchant commerce platform.
Under the terms of the partnership, Fave’s QR code will become integrated with Pine Lab’s terminals, enabling a seamless platform for digital payments and loyalty solutions in Southeast Asia.
“With digitalisation playing an increasingly critical role in the recovery of Southeast Asia’s economy, merchants recognise that they need to accelerate the development of digital solutions to ensure they remain competitive,” said Fave’s co-founder and chief executive officer, Joel Neoh.
Fave’s acceptance & loyalty cashback solutions will also expand into both debit and credit cards platforms via Pine Labs payment terminals allowing merchants working with Pine Labs in Southeast Asia to gain access to Fave’s loyalty solutions and reward their customers with cashback.
They will also be able to enjoy consolidation of payments and gain access to transparent reporting, payment reconciliation, customer insights and demographic data via access to Fave’s digital dashboard, Favebiz.
“We’re excited to invest in Fave and partner with their leadership to provide integrated merchant commerce in Southeast Asia. Fave’s expertise in operating merchant loyalty programmes and the QR space and our own expertise in providing payments, loyalty and gift solutions will help merchants in the region navigate expansion in the post Covid-19 world,” shared B Amrish Rau, chief executive officer of Pine Labs.
Nearly 50,000 of Fave’s and Pine Labs’ merchants in Southeast Asia are expected to benefit immediately from the partnership.
The collaboration aims to scale and grow more businesses digitally in the coming months. Fave will also be receiving funding from Pine Labs as part of the partnership.
Fave’s collaboration Pine Labs is an extension of its ongoing focus on working with major banks, fintech firms and e-wallets in Singapore and Malaysia via SGQR, Paynet and DuitNow QR to bring about customer loyalty solutions to the broader payments ecosystem.
The collaboration aims in furthering each company’s market positioning and value proposition in Southeast Asia.
According to a research by Mastercard’s Impact Studies, there has been a notable decrease in cash usage since the start of the pandemic. The Asia Pacific region is leading the surge in digital payments with the majority of consumers believing it is the cleaner, safer way to pay. 91 percent of those surveyed reported that they are now using tap-and-go payments.