Weavr, a London-headquartered expertise supplier that empowers companies with plug-and-play embedded finance options, is at present saying its launch in Singapore.
With rising financial uncertainty, inflation charges at decade highs, and escalating geopolitical tensions, corporations wish to reorient their enterprise fashions to develop into extra resilient.
Embedded finance can assist companies on this transition, enabling them to avoid the standard complexity of integrating monetary companies, add new income alternatives and make their companies extra resilient and scalable sooner or later.
In doing so, digital companies have the chance so as to add vital new income streams from their present buyer base – in different phrases growing their revenues with out the necessity to enhance their advertising and marketing budgets.
In keeping with a report by Bain & Co and Bain Capital, the embedded finance market is predicted to greater than double to US$51 billion by 2026. The important thing driver is the removing of obstacles to adoption for non-financial companies that want to ship monetary merchandise that improve buyer experiences whereas additionally providing speedy alternatives to amplify their income per consumer.
Embedded finance, in a nutshell, is the seamless integration of monetary companies into the shopper journey in non-financial functions wherever they’re wanted. For instance, an utility that permits gig staff to search out work can even present them with methods to receives a commission sooner and to assist them hold their enterprise funds separate from their private cash.
Functions like these that embed monetary companies intelligently can present clients with unparalleled comfort and ease of use, thus enhancing the shopper expertise and constructing loyalty. With Weavr’s radically simplified mannequin, Plug-and-Play Finance, digital companies can launch and monetise monetary companies rapidly and effectively, and at a fraction of the price of the standard Banking-as-a-Service (BaaS) mannequin.
Making the announcement at Net Summit in Lisbon at present, Alex Mifsud, Weavr’s CEO and co-founder, says: “We’re excited to announce Weavr’s Singapore launch right here at Net Summit. Additional to our European enlargement, we are going to now allow companies in Singapore and the area to seamlessly and effectively combine monetary companies wherever their clients want them.”
Alex continues, “We see few higher alternatives for deploying a good portion of the US$40m of capital we raised earlier this 12 months to deliver the advantages of embedded finance to digital innovators and finally to their clients within the area. Having raised a complete capital of US$55m and onboarded 1000+ purchasers since our inception in 2019, Weavr is on an upward trajectory to assist companies unlock their full potential.”
Aligned with the Monetary Companies Business Transformation Map (ITM) 2025 introduced in September 2022 by the Financial Authority of Singapore (MAS), Weavr’s entry into Singapore comes amid an innovation drive powered by embedded finance, which can in flip allow the redefining of enterprise fashions for higher resilience.
This availability of easy options to deploy monetary companies will additional allow companies in Singapore to drive innovation and create extra worth for all stakeholders. Singapore is well-positioned as a hub for digital and monetary innovation within the area and a pure first cease on Weavr’s mission to assist on-line companies and SMEs radically innovate by way of the simplicity of their embedded monetary resolution.
The transfer may even allow Weavr to contribute to significant advances in monetary inclusion, inexperienced tech and extra, as a part of Weavr’s dedication to environmental, social, and governance (ESG) investing.
Weavr’s distinctive Monetary Plug-ins symbolize a easy resolution for any enterprise to seamlessly deploy monetary companies inside its personal platform with zero heavy lifting. Key advantages embrace:
● Pre-defined options for a spread of use instances that scale back time to market to simply 5 weeks and handle compliance, information safety and regulation.
● A low-code providing that enables manufacturers to embed companies rapidly and seamlessly with out compromising on high quality and safety.
● Extensible options that allow clients so as to add new monetary companies in new markets as they develop.
The British Excessive Commissioner to Singapore, Kara Owen CMG, stated, “It’s improbable to see Weavr increasing into Singapore. Their presence right here will assist extra Singaporean companies – and people in South East Asia, because it expands – to seamlessly combine monetary companies for his or her clients. Our monetary companies commerce with Singapore was £1.7bn in 2020. This worth is just set to develop as our nations grasp the alternatives of digital commerce and expertise innovation. The UK-Singapore Digital Financial system Settlement, which entered into pressure in June this 12 months, will assist extra corporations to embark upon journeys like Weavr’s. We’re delighted to rejoice Weavr’s success.”
“I’m delighted to see UK fintech Weavr develop into South East Asia with the opening of its workplace in Singapore as a launchpad into the area,” added Natalie Black, the UK’s Commerce Commissioner for Asia Pacific.