- SYNCA, the parent company of OMG Network, formerly called the Omise Holdings Group, raised an $80 million Series C funding to improve cashless payments in light of the COVID-19 pandemic.
The digital payments solutions will be a crucial focus in the company in the coming months, the report reads. It aims to enhance enterprise-based solutions by digitally transforming the payment structure across the globe. The Thailand based firm targets the cashless ecosystem in Asia by providing “fintech infrastructures such as payment gateways” to enhance the speed, security, and efficiency of these digital finance systems.
SYNCA, Omise parent company raises Series C round
According to the official post published on the SYNCA website, the Series C funding round was led by a Thai based bank, SCB 10X (subsidiary to Siam Commercial Bank), and SPARX Group Co., Ltd. through its investment arm, Mirai Creation Fund.
In a statement discussing the use of $80 million funding round, SYNCA CEO and Founder, Jun Hasegawa, said,
“This funding will accelerate the development of quality products and services by our subsidiaries to better connect people, businesses, and society. I strongly believe technologies and innovation are crucial to building a more accessible financial infrastructure.”
Fight COVID-19, go cashless
It is no exaggeration that COVID-19 will profoundly impact the digital payments spectrum as citizens across the world avoid using cash notes and coins to transact. SYNCA post claims the online demand for fast-moving goods across Asia has already seen a 2% bump since mid-March. The cashless payments platform by Omise, in operation since 2013, will be a key solution to allow millions of customers in Asia to run their online businesses and accept payments to reduce contact.
With the funding, SYNCA aims at adding more features and capabilities on the Omise Network to provide enhanced solutions to its partners’ clients.
SYNCA to lead the development of Toyota blockchain products
Toyota’s subsidiary, Financial Service Corporation (TFS), Aioi Nissay Dowa Insurance Corporation, and Sumitomo Mitsui Banking Corporation (SMBC) were some of the more giant corporations to join in the round.
Toyota Motor Corporation has had a front running in the blockchain field, recently announcing its plans to increase its partnerships across the area. The automobile giant launched its blockchain lab, named Toyota Blockchain Lab, which began testing tokenization and digitization of clients IDs on the blockchain.
SYNCA will also work closely with Toyota to improve the Toyota Wallet App announced in 2019. The post reads,
“By supporting the development of products, such as the Toyota Wallet App, SYNQA continues to break down traditional transactional barriers.”