#Asia Singapore’s Tagit raises US$8.75M to enhance international fintech development

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The two companies spoke explicitly about two separate strengths that will integrate nicely with one another

PHONE FINAL

Singapore-based mobile banking startup, Tagit, announced today it has secured a S$12 million (US$8.75 million) strategic investment from Japanese IT company SRA Group.

The investment is meant to advance the international expansion plans of Tagit, which already has a presence via subsidiaries in India, Malaysia, Indonesia and Canada.

Specifically, the company wants to hire talent in Malaysia and Indonesia. Furthermore, the company expressed plans to enter Japan and North Asia.

It also wants to ‘enhance its solution capabilities for fintech and the financial vertical.’

The SRA funds came from the company’s Singapore subsidiary SRA IP Solutions (Asia Pacific) Pte Ltd.

“Our partnership with SRA will enable us to accelerate growth in these verticals (high-growth digital banking and Smart City sectors), while expanding our reach to markets and verticals where SRA has a strong presence,” said Tagit CEO Sandeep Bagaria in an official statement.

Also Read: How banks should should react to the fintech revolution: Accenture Report

Tagit’s early breakthrough came via its Mobeix platform — a platform to help banks, the public and enterprises build and scale applications with an emphasis on security. The was one of the first recipients of an Accreditation@IDA programme stamp of approval (the programme is run by the Singapore government). The accreditation programme falls under Singapore’s Smart Nation drive, so the endorsement acts as a third-party validation from a trusted source.

The startup has helped integrate fintech with big banks through technology partnerships with companies like UOB, Axis Bank, Bank Danamon Indonesia, Royal Bank of Canada and CitiBank India. It also has deals with unspecified governments across the region.

The SRA Group is an IT company focussed on enterprise tech, managed services and system integration for companies. It builds proprietary IPs (and partners with other companies) in the big data, open source code, cloud and mobile application sectors.

The two companies highlighted that SRA Group builds technology for financial institutions while Tagit has done well introducing fintech into the same sectors. Both sides viewed the differences as being complimentary to one another.

“The strategic alliance between SRA and Tagit will enable both companies to widen their business reach in Asia, targeting both Japanese and non-Japanese companies. SRA will leverage on Tagit’s deep experience and broad capabilities in designing and developing digital products and services that offer new ways to bring value to the customer experience,” said President of SRA Holdings Toru Kashima in an official statement.

Also Read: Take note – Asia Pacific is now second biggest region for fintech investment

Tagit was founded in 2004 and received an undisclosed funding from Upstream Ventures.

The post Singapore’s Tagit raises US$8.75M to enhance international fintech development appeared first on e27.

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