Pine Labs has now announced an undisclosed amount of investment in the Kuala Lumpur headquartered fintech platform Fave, along with a strategic partnership.
As a part of the partnership, Fave QA code-based mobile payments and loyalty program will be integrated with the Pine Labs terminals in Singapore, Indonesia, and Malaysia, where the former has a presence, as per the statement.
Pine Labs will also provide its merchant’s access to the Favebiz dashboard for payment reconciliation, customer insights, and demographic data.
“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. We will work with Pine Labs to further strengthen Fave’s mission of helping merchants adapt to and digitalise in the new normal,” Joel Noah, CEO of Fave, said in the statement.
“We’re excited to invest in Fave and partner with their leadership to provide integrated merchant commerce in Southeast Asia,” CEO Rau said. The company has 150,000 merchants on its platform with 450,000 network touch points across Asia.