They will collaborate on payment solutions for digital-first consumers and Southeast Asia's unbanked and underserved population.

Published 2019-07-17 11:02:26

Earlier this month, Indonesia-based ride-hailing giant Gojek announced that it has raised an undisclosed amount of funding from Mitsubishi and Siam Commercial Bank as part of its ongoing Series F round.

Gojek has since secured Visa as a new investor in its Series F round today, but no figures were disclosed.

This round of financing also includes backing from other big names such as Google, Tencent and JD.com.

According to a joint media statement, this round of funding will support the acceleration of Gojek’s payment services in Southeast Asia.

Visa said that the two firms will work together to provide greater options for cashless payments and more seamless experiences for regional consumers.

They will collaborate on payment solutions for digital-first consumers and Southeast Asia’s unbanked and underserved population.

With this partnership, they hope to address financial inclusion in Southeast Asia. Most Indonesians still rely on cash, and only one in four users adopt digital payment services in markets like Vietnam.

“We are excited about this partnership because Visa and Gojek share common objectives. We both want to make everyday life more convenient, whether it’s how people move around town in Southeast Asia’s fast-growing urban areas, or making it easier for people to pay and be paid all over the world,” said Chris Clark, Visa Regional President Asia Pacific.

“We also have a shared goal to bring formal financial services to the unbanked and underserved, including micro, small and medium businesses. Through this partnership, we will explore ways to leverage the power of Gojek and Visa’s networks to expand financial access in Southeast Asia.”

Featured Image Credit: Visa

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