SYNQA, the mother or father firm of OMG Community formerly known as Omise Holdings, raised $80 million in a fundraising spherical for brand new cashless cost ventures.
In a June 22 announcement, Thailand-based fintech firm SYNQA acknowledged it had raised $80 million in a Sequence C funding spherical led by Siam Industrial Financial institution subsidiary SCB 10X and the Asia-based enterprise capital group SPARX. Different buyers included the Japan-based Toyota Monetary Providers Company, Sumitomo Mitsui Banking Company, SMBC Enterprise Capital, and the Aioi Nissay Dowa Insurance coverage Company.
In accordance with a press launch from SYNQA shared with Cointelegraph, the corporate will use the funding to unfold cashless options to companies throughout Asia. The fintech agency cited digital currency as only one answer amongst many.
“In instances of social distancing, fintech infrastructure akin to cost gateways are key instruments in performing day after day monetary transactions in a quick, safe and handy method.”
“There are numerous merchandise and components that may assist a society develop into cashless,” a SYNQA consultant mentioned to Cointelegraph. “Our subsidiaries are creating new and improved applied sciences and monetary infrastructure to boost buyer experiences with seamless worth switch programs that will additionally accommodate a cashless society.”
Potential enhancements to Toyota Pockets
Along with its efforts in bettering cashless funds, SYNQA has been supportive of Japanese producer Toyota, which introduced it had launched a cashless app wallet in November 2019. At press time, no crypto help is out there for the Toyota Pockets.
“The brand new subsidiary [was] based to particularly meet market calls for from enterprises to help them of their digital transformation,” the consultant instructed Cointelegraph. “The workforce works carefully with enterprises to develop end-to-end fintech digital transformation merchandise just like the Toyota Pockets.”
OMG pump and dump raises eyebrows
Cointelegraph reported in May that the primary day of trading for Ethereum-based OmiseGo (OMG), the 41st ranked cryptocurrency by market cap, was marked by important premiums at exchanges together with Coinbase. The exercise resulted in a 200% worth improve and instant crash.
On the time of writing, the value of the OMG token is $1.53, removed from its ATH at roughly $25 in January 2018.