StoreHub has secured a strategic investment from ShardLab and disclosed that its merchant network processes about US$3.5 billion in annual transaction value.
The size of the investment was not disclosed.
The commerce and payments platform supports more than 20,000 merchant locations across Malaysia, the Philippines, Thailand and Japan.
Its network processes more than 200 million transactions a year, according to the company.
StoreHub and ShardLab will also establish a joint venture to explore and test new payment and rewards services for merchants and consumers in the region.
The companies did not provide details about the planned products or a timeline for their launch.
ShardLab is a venture studio backed by global investment firm Hashed.
It was established through a strategic partnership between Hashed and SCBX, one of Thailand’s largest financial groups, to develop products combining emerging technologies and financial services.
The companies plan to test potential services through StoreHub’s merchant network before deciding whether to roll them out more widely.
Wai Hong Fong, CEO of StoreHub, said,
“StoreHub has spent over a decade building the commerce and payments infrastructure that merchants across Asia use to run their businesses every day. ShardLab and Hashed have spent years at the forefront of payments and rewards technology, and this partnership is about bringing that work to real merchants at scale.
Anything we build together must pass the same test that everything at StoreHub passes: does it help merchants sell more? The larger shift within StoreHub continues alongside this: we are rebuilding our product around AI, so that a three-person restaurant can operate with the capability of a thirty-person one.”
Featured image: Edited by Fintech News Malaysia, based on image by CooperRG911 via Magnific
