Singapore based MC Payment – a regional fintech and payments solutions provider – has submitted a proposal to key government agencies in response to the government’s call for an RFI (Request for Information) on a cashless payment solution to be used in hawker centres, coffee shops and other stores across Singapore’s heartland.
Founder & Group Chief Executive Officer Anthony Koh offered reasons behind this move, “We have been in the electronic payments business for more than 10 years and have deep experience across major payment methods. We hope to assist in the country’s vision of a cashless society.”
The company has also secured an exclusive deal to convert Artbox- a highly successful hipster driven creative pop-up market with 500 merchants that catered to an excess of 600,000 attendees – into a cashless event.
Jeremy Khoo, Group CEO of event organisers iFashion said,
“Our partnership with MC Payment to organise and create the tech behind Artbox’s cashless payments will set a benchmark for future events of this nature.”
QR Payment for Thailand
MC Payment has also announced its plans for regional expansion in the area of QR code payment solutions across Thailand, Indonesia, Sri Lanka, Cambodia as well as Maldives – regions that are frequented by Chinese tourists – a group that is more than used to cashless options back home.
The technology will be implemented together with MC Payment’s recently acquired subsidiary – Genesis Payment Solutions (Genesis) – licensed by Alipay to acquire merchants. Genesis has already successfully implemented and deployed hundreds of QR code payment solutions in local retail giants Royal Sporting House, Robinsons shopping mall as well as Cortina Watch since MC Payment took a controlling stake in the company earlier this year.
Cooperation with Cashshield
The expansion will come with added layers of cybersecurity integrated into MC Payment’s product suite, facilitated by Temasek-funded fraud management solutions provider CashShield. CashShield’s Justin Lie, Founder & CEO, commented
“With the increased sophistication of data breaches and online fraud, cybersecurity is a necessity rather than a choice. CashShield is delighted to partner MC Payment and leverage on their deep payment expertise and networks in the region to jointly allow our customers to grow their business with peace of mind.”
Founded in 2005, MC Payment has gone from strength-to-strength in the payment solutions sector, catering to the evolving needs of regional merchants and financial institutions alike. In November they expanded to Thailand and announced a S$5m strategic investment round.