Latest news with #ShopBackPay
BusinessToday
09-07-2025
- Business
- BusinessToday
Shopping For Deals Gets A Lift
From left to right: Vincent Wong, General Manager of ShopBack Malaysia and Kevin Lee, Country Head, Curlec by Razorpay, Malaysia. Curlec by Razorpay has enabled the integration of ShopBack Pay across its online checkout system, granting businesses instant access to over 6 million value-conscious Malaysian users seeking cashback, rewards and smarter payment options. This partnership is set against a backdrop where more than 60% of Asian consumers prioritise promotions and discounts amid rising living costs. With digital payments now dominating over 80% of all e-commerce transactions in Asia-Pacific, the collaboration aims to convert consumer behaviour into business growth. 'By integrating our powerful payment infrastructure with ShopBack's large and engaged user base, we are enabling businesses to reach more customers and deliver a seamless, secure, and value-packed checkout experience,' said Kevin Lee, Country Head of Curlec by Razorpay, Malaysia. ShopBack Malaysia's General Manager, Vincent Wong, added, 'ShopBack Pay continues to redefine how Malaysians shop and save. By going online through Curlec, we're expanding our value proposition.' The integration also brings access to targeted campaigns, in-app visibility and exclusive promotions aimed at driving first-time customer acquisition and building brand loyalty. To mark the rollout, new users of ShopBack Pay can redeem RM15 off with no minimum spend at any Curlec-powered online store. Curlec currently supports over 3,000 local businesses and connects to Razorpay's global network of over 10 million businesses. The move reflects the company's focus on innovation and expanding reach in Malaysia's evolving payments space. ShopBack, meanwhile, powers US$4 billion in annual sales across 13 markets, supporting over 20,000 merchant partners. Related
Yahoo
08-07-2025
- Business
- Yahoo
ShopBack gains payment institution licence in Singapore
ShopBack, a platform specialising in shopping rewards and payments, has secured a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS). This licence enables ShopBack to offer payment services through its product, ShopBack Pay, within Singapore's regulatory framework. It allows ShopBack to directly facilitate payment transactions, enabling merchants to accept payments and customers to pay using ShopBack Pay. ShopBack acting CFO and chief of staff Huanmin Huang said: 'Receiving this Major Payment Institution licence marks a foundational milestone for ShopBack. It reflects MAS's trust in our ability to operate responsibly and gives us the infrastructure to scale ShopBack Pay in a way that's smarter, faster, and more secure — while continuing to deliver value to both users and merchants.' For the time being, the consumer interface for making in-store payments via ShopBack Pay will remain unchanged, with the licence allows ShopBack to potentially introduce new functionalities to its platform. From a commercial standpoint, the MPI licence signifies ShopBack's readiness to expand its involvement in Singapore's payment ecosystem. It allows the company to establish more direct partnerships with merchants, streamline payment settlement processes, and further develop its technological infrastructure to support upcoming payment solutions. The company's product suite includes cashback, payments and vouchers, offering app available on both playstore and iOS. "ShopBack gains payment institution licence in Singapore " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Straits Times
08-07-2025
- Business
- Straits Times
ShopBack to scale up its payments business as it gets major payment institution licence
Sign up now: Get ST's newsletters delivered to your inbox ShopBack said the licence will let it expand its network of merchants and streamline settlement processes. SINGAPORE – Loyalty and rewards platform ShopBack has received a major payment institution licence from the Monetary Authority of Singapore (MAS). Following the development, the company said it plans to improve its payment offering and strengthen merchant partnerships in Singapore and beyond. ShopBack gives customers cashback for purchases made from retailers on the platform. It facilitates more than half a million transactions every day, and has seen its popularity grow as cost-conscious shoppers look for ways to lower their bills. The company has been operating ShopBack Pay since 2022, which allows users to make payments to online or physical stores. A major payment institution licence puts ShopBack Pay under formal regulatory oversight, allowing it to run various services without limits on transaction volumes. The licence supports the operation of payment accounts, such as e-wallets, and the running of a local fund transfer service. Merchants on ShopBack will also be able to directly accept payments from customers without going through third-party providers. Top stories Swipe. Select. Stay informed. Singapore NDP celebrations to be held at 5 heartland sites, including Bishan and Punggol, on Aug 10 Singapore NDP 2025: Tank that bumped into traffic light lost steering and braking power due to faulty part Singapore AI cannot supplant learning, it must enable it: Desmond Lee Singapore SIA flight from Brisbane to Singapore diverted to Perth due to technical issue: Report Asia China warns Trump on tariffs, threatens retaliation on supply chain deals Singapore Grab to trial driverless shuttle for staff between Media Circle office and one-north MRT station Multimedia 'I suspect he's cheating': She finds proof when spouses stray Payment services GrabPay and ShopeePay, as well as the Singapore branch of crypto exchange OKX , also operate on major payment institution licences. 'Receiving this major payment institution licence marks a foundational milestone for ShopBack,' said Mr Huang Huanmin, the company's acting chief financial officer and chief of staff. 'It reflects MAS' trust in our ability to operate responsibly and gives us the infrastructure to scale ShopBack Pay in a way that's smarter, faster, and more secure.' ShopBack said the licence will let it expand its network of merchants and streamline settlement processes. The company added that it was also in a better position to integrate emerging payment technologies. Headquartered in Singapore, ShopBack was co-founded in 2014 by Mr Henry Chan and Mr Joel Leong, who became friends while studying at the National University of Singapore. They had both quit their jobs and invested $15,000 each in the venture, giving them a 50:50 share in the business. They paid themselves $1,500 a month for three years. 'A start-up means no pay or very low pay, no welfare, no benefits – just an idea,' Mr Chan had said in an interview with The Straits Times . 'We give them what they value, which is cash,' he had added, while discussing ShopBack's proposition to customers. 'Not points, not a currency that could change with time.' ShopBack now serves more than 50 million consumers in 13 markets across the world. It hosts more than 20,000 online and in-store merchants, including fashion, food and travel brands, that account for over US$4 billion (S$5.1 billion) in annual sales. In May, the platform officially expanded into the United States, partnering with companies including e-commerce giant Amazon, supermarket chain Walmart, and online travel aggregator Expedia.
