Shailesh Naik’s goal: To put banking as a service inside every phone.
Today, the global economy is marching ahead towards total cashless transaction reformation, but there are numerous countries in Southeast Asia where a vast majority of the region’s transactions are in cash, only a few people have bank accounts but an increasingly large percentage have mobile phones. Witnessing this huge gap in the industry and understanding the importance of the situation while building another successful B2B entertainment platform called MatchMove Play, Shailesh Naik, CEO of MatchMove was ready to grab this opportunity. Thus, the inception of MatchMove Pay.
Shailesh’s Entrepreneurial Journey in a Nutshell
Shailesh was born and brought up in Southern Africa, graduated from the IIT – Kanpur and then went to business school in the UK for his MBA. Based in Singapore for the last 18 years, Shailesh started MatchMove Pay upon observing that Southeast Asia with a population of more than 600 million people, along with India’s population in excess of 1 billion, were adopting mobile phones quickly but did not have a safe and easy means with which to transact local money within the same phone or app.
Before establishing MatchMove, Shailesh worked as Asia Pacific managing director of strategy and operations at Cisco Systems Inc. Prior to that he has also set up the Asian operations of NASDAQ listed CryptoLogic Ltd. Before Cryptologic, he spent 14 years in management consulting with PwC and Ernst and Young.
Sharing some insights on MatchMove Wallet OSTM, Shailesh says:
“Our proprietary cloud-based MatchMove Wallet OSTM enables any company to easily offer their customers a fully branded, secure mobile wallet solution that includes P2P transfer, remittance, top up channels, virtual payment cards, loyalty points & rewards, and promotions & offers amongst many other features. It’s not an ordinary wallet, it’s a full-on bank account delivered directly into your favorite app.”
“The key focus is on ‘Spend.Send.LendTM’, which is really about putting banking as a service inside every phone and every app. Today the experience for people who want to spend their money, or send or receive money, or lend or borrow, is very fragmented and the incumbents are not focused on unifying and simplifying the experience. We have a proven and secure technology to unify that again and deliver it seamlessly in the same way that you are spending more and more of your life inside an app.”
Shailesh’s Wall of Fame
- CyberAgent Japan Award, June 2014: “Company Most Likely to Grow to Represent SE Asia”
- SWIFT Innotribe London Award, May 2014: “Top Innovator in European Finals”
- SIBOS Innotribe Boston Award, October 2014, “Global Top Innovator”
- FST /ASEAN Future of Banking, Singapore, July 2015, “Top FinTech Disruptor’” Asia Fintech 100
MatchMove: Enabling Cashless Payments Effortlessly
MatchMove enables companies to offer a fully branded secure mobile wallet banking solution, increasing revenue and user engagement. MatchMove proprietary Wallet OS™ is built with the vision of strengthening financial inclusion through enabling its Spend, Send, Lend™ capabilities across developed and developing markets. MatchMove Wallet OS™ enables any company to easily offer their customers a fully branded, secure mobile wallet solution that includes P2P transfer, Cross-Border Money Transfers, Top Up channels, Virtual Payment Cards, Loyalty Points & Rewards, Promotions & Offers amongst many other features. Wallet OS fully customizable platforms are cloud-based and PCI-DSS compliant.
MatchMove has more than 50 enterprise customers in Southeast Asia, India, Australia and Latin America. Customers come from a variety of segments including e-commerce, corporate payroll, micro-lending, banking, shipping, insurance, games, telcos and many more.
While primarily a B2B platform, in its home base of Singapore, MatchMove produces limited release of B2C consumer apps to showcase its advanced platform features. MatchMove launched myWallet in 2016 and Boss Mobile Money in 2017. myWallet is a virtual wallet application enabling consumers who do not own credit cards or online banking facilities to make payments with a prepaid Mastercard. Boss Mobile Money is a cross-border money transfer application that allows anyone in Singapore to remit money back home through a smartphone in a Safe, Easy, Fast™ manner.
Future Perspectives
At present, MatchMove is headquartered in Singapore with offices in Vietnam, Indonesia, India, Philippines and the USA. As MatchMove has consistently been recognized internationally for its outstanding innovation, its long-term goal is to go global. The company recently set up an office in Miami to service the Latin American region and now plans to open more offices in South Africa, Dubai and Scandinavia. The company experienced triple digit growth in 2017 and expects to grow its platform user base to 100 million users in 2018.
