Singapore-based e-money application Youtap announced on August 13 that the company has received undisclosed funding from Indonesian conglomerate Salim Group.

The companies will establish operating companies in multiple markets to carry on the business of providing e-money applications and solutions to merchants and consumers in emerging markets in Asia.

With the investment, Salim Group will hold a minority stake in the company.

“Salim’s global footprint in food, manufacturing, and distribution coupled with their investments and vision in fintech and desire to be a leading e-money payments provider across multiple markets makes them an ideal partner and shareholder. Salim’s networks provide Youtap with the opportunity to establish a leadership position in e-money processing in Southeast Asia and globally,” said Chris Jones, CEO and Founder of Youtap.

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Likewise, Youtap’s presence in multiple countries is an advantage for Salim Group as it provides them with access to Youtap’s technology and services to Salim’s various consumers, merchants, and supply chain distribution network alike.

With the partnership, electronic payment services is now available in a range of consumer wallets, devices and payment methods.

Youtap provides contactless mobile payments and financial services software that enables e-money wallet consumers in the Middle East and Asia to scan, swipe, and tap to pay at any point of sale using any device with secure NFC and QR code solutions.

Services that have used Youtap’s technology includes TCASH in Indonesia and My Money in Afghanistan.

Image Credit: Guardian