Hong Kong-based fintech startup EMQ recently raised $6.5 million in a Series A round from well-known Silicon Valley entrepreneurs and international venture capital (VC) firms, its founder and CEO Max Liu said in an exclusive interaction with DEALSTREETASIA.
“The Series A round supports the growth and expansion of EMQ in regulatory approvals, R&D in the compliance technologies and the launch of our commercial initiatives as we continue to build out our remittance network across Asia,” Liu said.
Headquartered in Hong Kong, EMQ is building a financial network across Asia with a focus on remittances. With a footprint across Hong Kong, Taiwan, Indonesia, Vietnam and the Philippines, the company partners with financial institutions and other strategic partners in each country to enable and settle cross-border remittance via banks and various modes for top-up and last mile delivery.
“We have also built a strong partner ecosystem of financial institutions, telecommunications service providers, messaging platforms and payment processors to offer our customers with immediate access to thousands of cash pick-up options and to any bank account or mobile wallet across Asia,” Liu said.
In November, EMQ partnered with payment service provider WeChat Pay HK to expand its remittance services in Indonesia. Early this year, the two companies had partnered to launch similar services in the Philippines. Powered by EMQ’s API platform, the partnership enables WeChat Pay HK to simplify the remittance process by allowing Filipinos and Indonesians working in Hong Kong to send money home via a smartphone, with pay-out options including instant cash pickup, bank deposits to any bank, or mobile wallet.
In October, EMQ joined hands with QFPay, the leading global mobile payment and big data technology company from China, to enable real-time merchant settlement across Indonesia. In September, it partnered with Globe Telecom’s mobile commerce subsidiary G-Xchange Inc. to further expand its reach in the Philippines through GCash. The partnership allows EMQ users to send money to users with GCash accounts, where the recipients can pay bills and make online purchases, buy load or cash out at over 7,000 GCash payment outlets across the Philippines.
Liu said the company has been witnessing double-digit growth over the last 18 months, with plans to forge similar partnerships in China and India in the coming months.
The company is planning to further expand its geographic footprint beyond Asia to North America and Europe in the next 1-2 years, and build the required infrastructure to support remittance requirements in those regions as well.