India payments player, Pine Labs has invested an undisclosed amount in a Southeast Asian fintech platform named Fave. Fave provides QR payments and loyalty cashback to restaurants, spas, gyms, and retailers.
This investment will also see Fave QR code become interoperable and integrated with Pine Labs’. This will allow users of both platforms access to seamless digital payments and loyalty in the whole of Southeast Asia making this a beneficial partnership.
Fave’s digital dashboard will also enable users to have access to multiple services, including consolidation of payments, generate transparent reports and records, payment reconciliation, customer insights, and demographic data, the statement said.
Additionally, an estimated 50,000 merchants patronizing Fave and Pine Labs across Southeast Asia will also gain access to the former’s loyalty solutions and be able to reward customers with cashback, the statement added.
“With digitalisation playing an increasingly critical role in the recovery of Southeast Asia’s economy, merchants recognize that they need to accelerate the development of digital solutions to ensure they remain competitive. The partnership brings together great understanding and expertise in technology development to help support merchants through successful business transformations,” Joel Neoh, co-founder and chief executive of Fave, said in the official statement.
“Fave’s expertise in operating merchant loyalty programs and the QR space and our own expertise in providing payments, loyalty, and gift solutions will help merchants in the region navigate expansion in the post-COVID-19 world,” Amrish Rau, CEO of Pine Labs, said.