Kvanto to Form JV in India to Expand and Service Its Digital Payment Business
May 26 2020 - 5:30AM
Business Wire
Mobileware Technology to Represent Kvanto
for India’s Digital Transaction Market Forecasted to Be 165
Trillion USD Annually By 20241
Kvanto Payment Services AS (“Kvanto”) is pleased to announce the
signing of a Letter of Intent with Mobileware Technology Pvt. Ltd.
(“MWT”) to represent and advance Kvanto into the rapidly growing
digital payment processing market in India.
Building on Kvanto’s success with its proven state-of-the-art
platform with coverage that reaches over 400 banks worldwide, the
partnership's combined technology is now in the final stages of
becoming operational in India with the Aditya Birla Group’s Bank,
Aditya Birla Capital Limited, Kotak Bank, and YES Bank. Solely,
Aditya Birla is expected to generate approximately 250 million
transactions annually growing to 400 million transaction annually
in 2023.
“In order to support the requirements of doing this business in
India as well as providing the Kvanto payment platform for other
Banks in India, Kvanto selected MWT as the right partner to work
with,” said Kvanto’s CEO, Jesper Skorstengaard, who further
commented, ”MWT brings extensive experience and credibility to this
market place which should accelerate our market access.”
The LOI outlines the terms of the JV Partnership with a focus on
the ongoing testing plan to bring the proof of concept live as soon
as possible followed by a roll-out strategy to the rest of the
market in India.
Kvanto and MWT bring synergies that offer the potential to
become a major player in the digital payment space. The initial
business case is to provide the platform for the three banks listed
above. More details of this initiative will be announced once the
final commercial agreement has been finalized.
1 According to Statista, the digital payment market in
India is estimated to reach a transaction volume of approximately
165 trillion USD annually.
About Mobileware Technology:
Mobileware Technologies established in 2010, is known for its
cost-effective stable technology platform and providing globally
talented back-end operations. The Company has been successfully
operating in the ‘Mobile Banking’ domain since 2013. Mobileware is
fully compliant and each product is secure in every new digital
channel introduced by National Payment Corporation of India.
In 2018, Mobileware introduced TransXT – a open Banking API
platform to take banking to the next billion users with the aim to
enable banks to avoid the costs, delays and frustration of
recurrent integrations of their systems with those of new digital
businesses.
About Kvanto Payment Services:
Kvanto is a Payment Solutions Provider company started in 2012
that has developed a platform which can adapt to the changes in the
digital payment processing markets and solve the demands that are
put on the technology suppliers in terms of flexibility and
customization while doing it with an economically attractive
business model.
To support Kvanto’s growth and transparency to the marketplace,
Kvanto has entered into Financial Services Agreements with Listing
Partners S.à.r.l and Antevorta Capital Partners Ltd., for growth
capital and assisting Kvanto with the listing of their shares on
the Canadian Securities Exchange.
Disclaimer
All statements regarding our expected future financial
position, results of operations, cash flows, financing plans,
business strategy, products and services, competitive positions,
growth opportunities, plans and objectives of management for future
operations, including words such as "anticipate," "if," "believe,"
"plan," "estimate," "expect," "intend," "may," "could," "should,"
"will," and other similar expressions are forward-looking
statements and involve risks, uncertainties and contingencies, many
of which are beyond our control, which may cause actual results,
performance, or achievements to differ materially from anticipated
results, performance, or achievements. Kvanto Payment Services A/S
is under no obligation to (and expressly disclaim any such
obligation to) update or alter our forward-looking statements,
whether as a result of new information, future events or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200526005200/en/
Kvanto Payment Services A/S CEO, Jesper V. Skorstengaard
Phone: +45 4033 3396 Mail: jvs@kvanto.com www.kvanto.com
Mobileware Technologies Pvt. Ltd. CEO, Satyajit Kanekar
Mail: satyajit.kanekar@mobilewaretech.com mobilewaretech.com
For Investor Information Contact: LISTING PARTNERS
S.à.r.l Info@listingpartners.lu