The Silicon Review
The insurgence of new technology has given rise to the prevalence of digital services, and it has continued to alter the way certain businesses function, including those in banking. Banking as a Service (BaaS) is one of the new platforms that have emerged from this digital growth. This serves as an important component in banking related initiatives, and will allow you to provide better financial transparency to your clients. BaaS brings banking and financial services to the new digital space. Through the use of an Application Programming Interface (API), banking services can be digitally enabled to align with the business strategies.
Businesses can drive digital transformation by leveraging BaaS platforms, supported by firms like MatchMove. MatchMove’s proprietary Banking Wallet OS enables ‘Banking-As-A-Service’ and the capabilities of Spend.Send.Lend™ within any app. The platform empowers businesses and their customers to easily and safely spend online and offline via instantly issued prepaid cards on major card networks. Its Send capabilities include P2P domestic transfers, cross-border remittances, P2M and mass disbursements to global recipients. MatchMove’s platform further extends to Lend, where credit scores are assigned based on customers’ spending and sending patterns to offer customized lending solutions. Envisioning a financially inclusive world as it wages war on cash, MatchMove’s solutions help enterprise clients digitize payments and give the financially underserved segments the empowerment to move their money anytime and anywhere. MatchMove is licensed by the Monetary Authority of Singapore and authorized by leading card networks to issue virtual and physical cards directly to users in approved jurisdictions, or anywhere else in the world with partner banks.
MatchMove was founded in 2009 and has grown rapidly since pivoting into the payments industry in 2015.
In conversation with Shailesh Naik, Founder, Group CEO of MatchMove
Q. How do you gain sustainability, speed and cost out in order to expand in payments sector—particularly with the small-to-medium enterprise (SME) segment?
We have strategic Go-To-Market partners that enable us to reach large pools of customers and individuals through platforms that they are already familiar with - this creates a captive warm base of potential customers. Our cloud based architecture enables us to roll out and power banking-as-a-service platforms at scale.
Q. Internet banks or banking process creates a lack of personal relationships with bank personnel. How do you leverage modern technologies to bridge this gap?
We leverage tech and data analytics to understand customer behavior better to tailor bespoke solutions for the customers, thereby increasing customer engagement and interaction. This will allow the financial services provider to build sticky relationships with their customers.
Q. There are other reputed companies in the market providing such services, how are you a better service provider?
In this part of the world, we are unique. We pull together essential banking services. Spend.Send.Lend™ in one platform. We are also B2B, powering multiple use cases from corporate expense management and corporate payroll, supply chain payments, and digital loan disbursement. There are other providers globally that offer somewhat similar services but not present in this region as yet.
Q. How do you secure your solutions without increasing the complexity of the financial activities?
We are PCI DSS compliant; data is encrypted with robust firewalls in place. The user journeys are optimized for customer experience, so we minimize complexity for the customer but do not compromise on the transaction’s security or the system.
Q. Technology for digital payments sector is very robust. Do you have qualified individuals who can maintain your service standards?
We have robust and stringent guidelines and SOPs in place that govern all our activities. We also have a strong, qualified, and capable team with experience from world-class organizations driving these activities.
Q. Trust is a difficult attribute to measure and a delicate dynamic to maintain. How do you maintain this with your clients?
We embed ourselves to really understand our clients and solve fundamental pain points from within, to eliminate inefficiencies and create value for our customers. We give them relevant solutions that are value accretive, cost-efficient, with a faster time to market.
Q. Is it true that striving for both ‘ethics’ and ‘success’ in a fintech business is a tough feat?
No, it is possible to be both ethical and successful, and that’s what we strive to be. At its core, MatchMove aims to improve the quality of people’s digital lives provide access to essential banking services to individuals and SMEs as well as drive financial inclusion.
Q. What are your plans for the future development of your company?
Looking ahead, our growth and expansion plans include
New revenue Streams - New product & platform development, including the next generation BaaS platform, B2B remittance as well as SME lending
New License Applications - Acquire banking and financial services licenses in key markets that will accelerate the business model
New market expansion - Extend the BaaS platform into new industries and geographies with key clients’ invitation in each area
Strategic acquisitions - Strategic acquisitions in adjacent and complementary businesses
Meet the leader behind the success of MatchMove
Shailesh Naik is the Founder, CEO, and Director of MatchMove. A proven business builder with a successful track record in tech companies across China, India, Korea, and SE Asia. Prior to founding MatchMove, Shailesh led a successful career in MNCs, leading large teams and making investments in Asia. This has provided him with a strategic view of how a business operates, and that is where he positions MatchMove for growth.