Standard Chartered has expanded its partnership with Singapore-based payments platform, Tazapay.
In a statement the bank said the deal is part of a broader initiative to improve its range of financial services on B2B platforms. The two organisations had previously signed a memorandum of understanding and launched a pilot of digital Escrow-as-a-Service (EaaS) on Proxtera, a cross-border marketplace in Singapore.
According to the bank, customer expectations and opportunities to develop new business models are a key factor behind the deal with B2B marketplace sales doubling from $56 billion in 2021 to $112 billion last year.
“Innovation drives a lot of what we do at Standard Chartered, and the extension of our partnership with Tazapay is another step we’ve taken in our journey towards meeting the growing needs of enterprise marketplaces,” said Anurag Bajaj, Global Head of Bank, Broker Dealers and Fintech Client Coverage at Standard Chartered.
As part of the deal e-commerce merchants can accept payments from buyers locally in a range of markets via a single application programming interface (API) which includes the Tazapay Checkout system. Additionally, Tazapay can now leverage Standard Chartered’s banking services including bank accounts, payment acceptance, payouts and FX solutions.
“Rahul Shinghal, Co-founder and CEO of Tazapay, added: Tazapay is focused on simplifying cross-border payments and together with Standard Chartered, we can now serve larger ecommerce merchants and enterprise marketplaces to collect payments instantly in over 70 markets, delivering superior customer experience and conversion rates.”
