PayMate sets up entities in Singapore, Sri Lanka to offer B2B payment services

Business-to-business fintech firm PayMate India on Wednesday said it has incorporated and registered its entities in Singapore and Sri Lanka as part of its overseas business expansion plan.

The company has also hired former VISA official Amirreza Sawal as its Regional Head for APAC based out of Singapore. ''PayMate's entrance into Singapore and Sri Lanka is a part of a broader geographical expansion plan into other parts of Central Europe, the Middle East, Africa (CEMEA), South Asia and the Asia Pacific (APAC),'' the company said in a statement.

According to RedSeer, global commercial payments volume was estimated at approximately USD 130-135 trillion in 2021.

India is estimated to have approximately USD 8 trillion of the global commercial payments volume, CEMEA about USD 10 trillion and around USD 58 trillion projected for Asia-Pacific.

''We are expanding into Singapore and Sri Lanka to offer B2B payments and working capital solutions for businesses,'' PayMate Chairman and Managing Director Ajay Adiseshan said.

The company claims to have over 1,66,811 customers and users in India and UAE as of December 2021.

''In line with our plans to grow our global footprint, we are now set up in the Singapore market- a Hub to further expand into the rest of APAC, and Sri Lanka for further expanding into South Asia.

''With Amirreza heading APAC and Nilesh Dadpe taking charge of South Asia markets in addition to heading Indian markets; we are set to go full-steam ahead to offer our B2B payment solutions,'' PayMate, Chief Commercial Officer, Rakesh Khanna said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)