SYNQA made the announcement in a press release published on Monday, June 22. According to the announcement, the funding round was led by SCB 10X—a new holding company created by Thailand’s Siam Commercial Bank (SCB) to with the objective to invest in new businesses powered by digital technology—and SPARX Asset Management Co., Ltd through its Mirai Creation Fund II.
Dr. Arak Sutivong, CEO of SCB 10X, stated:
“We are delighted to participate in this investment round and partner with SYNQA. This strategic partnership further strengthens the relationship between our two organizations. We believe that together we will bring forward innovations and new services to help enterprises transform and thrive in the digital future.”
Other participants include Toyota Financial Services Corporation (TFS), Sumitomo Mitsui Banking Corporation (SMBC), SMBC Venture Capital (SMBCVC), Aioi Nissay Dowa Insurance Corporation (ADI), and other.
According to SYNQA, this fresh capital will used to provide “enhanced enterprise solutions and products supporting the digital transformation of businesses” as the company is seeking to deepen its footprint in the cashless societies in Asia.
The money was also be used to support a new subsidiary founded by SYNQA to support its partners in their digital transformation. One such case is for Japanese automobile manufacturer Toyota’s wallet app which was launched in November of 2019 but until now, no crypto support is available on the app.
Jun Hasegawa, founder and CEO of SYNQA, commented:
“I’m very excited to announce this funding round and new partnerships. Despite these challenging times, I see a lot of opportunities in accelerating digital payments and digital transformation for enterprises. 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.”
SYNQA, founded in 2015, is a holding company that specializes in online payment, blockchain technology for fintech applications, and digital transformation. SYQNA presence in digital space is represented by a decentralized payment platform Omise that is powered by OmiseGo (OMG) cryptocurrency which is based on ERC20 token standard.
SYNQA launched Omise and OMG network in late 2017. The company ran its ICO for OMG token in summer of 2017 raising roughly $25 million. This OmiseGo project is a value transfer network for ETH and ERC20 tokens that lets users move digital assets faster, cheaper, and at the same level of security as Ethereum.
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