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FINANCIAL SERVICES | Staff Reporter, Singapore

E-payment platform UNPay launched in Singapore

The platform, which has been tapped by Alibaba and Baidu, previously raised US$63m from initial funding.

UNPay launched in Singapore after establishing local teams in countries such as Indonesia, New Zealand, Europe, and China.

Founded in the fourth quarter of 2017, UNPay provides one single application programming interface (API) and a simplified accounting dashboard for merchants. It has served companies in the technology and financial industries such as Alibaba, Baidu, JD, and NETS.

UNPay uses artificial intelligence to detect and prevent transactional fraud in real time, thus minimising the risk of transactional losses, and offering merchants peace of mind to focus on their businesses.

UNPay completed its initial funding with three investment institutions valued at over US$63m.

"UNPay's commitment to the industry and local resourcing is unique. It believes in a 'glocal' mindset─ assembling local teams and working with local businesses who understand the local markets and regulations─whilst deploying a global outlook. Its entities in the local markets also mean a direct connection with banks and financial institutions, which translates into lower transaction fees," it said.

UNPay said it aims to form strategic partnerships with major payment players locally and establish an extensive payment network.

Currently, UNPay's digital payment platform can support all major payment methods in Singapore including banks, credit cards, third-party payments, direct carrier billing, and prepaid cards.

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