20 December 2021, Singapore – Standard Chartered Bank (“the Bank”) and Allinpay Merchants Services (Singapore) Pte. Ltd. (“Allinpay”) announced their partnership to enable heartland enterprises to adopt contactless payments using PayNow Corporate. This collaboration will go towards supporting the Heartlands Go Digital programme, part of the Singapore government’s efforts to help empower heartland enterprises to transform and adopt new business models for sustained growth.

Allinpay, one of the four digital payment vendors appointed to provide an e-payments platform to the heartland enterprises, will enable these small businesses to receive PayNow Corporate payments from customers via a QR code without any additional technological investment or administrative work on their part.

Through the Bank’s Application Programming Interface (API), Allinpay will generate a QR code as part of the online or point-of-sale check-out process for the heartland enterprises. Funds collected through the QR codes are instantaneously channelled to their Allinpay accounts with Standard Chartered before being promptly credited into the enterprises’ accounts by Allinpay. Through this partnership, Standard Chartered will be able to support and accelerate the digital payments agenda of these small businesses in the Allinpay network.

Led by the Heartland Digitalisation and Revitalisation Committee and Enterprise Singapore, the Heartlands Go Digital programme was launched in 2020 to help heartland businesses adopt digital solutions. Close to 200 ambassadors from Heartlands Enterprise Centre Singapore, SG Digital Office and SME Centres have started on-the-ground outreach, to spur the adoption of epayments and digital commerce solutions among 20,000 heartland retail and F&B businesses.

“We are excited to partner Standard Chartered to digitally enable the Heartland merchants to adopt Allinpay’s integrated payment solutions, expanded to now include the ubiquitous PayNow method that have garnered increasing adoption and usage in Singapore. Small and medium-sized enterprises (SMEs) can leverage Allinpay’s all-in-one payment solution, which accepts credit cards, debit cards and alternative payment methods or wallets to transform their online and in- CONFIDENTIAL store businesses as well as accelerate growth, both domestically and cross borders.” said Tay Tiong Hean, General Manager of Allinpay Merchants Services (Singapore) Pte. Ltd.

“Digital technologies are increasingly becoming central to how consumers and businesses engage. Standard Chartered is proud to work with Allinpay to contribute to the Heartlands Go Digital initiative, supporting these enterprises’ journey towards e-payments,” said Ankur Kanwar, Head of Cash Products, Singapore and ASEAN, Standard Chartered Bank. “It is a win-win opportunity for both the businesses and their customers. The heartland enterprises that use the Allinpay service will be able to receive payments from their customers promptly to improve their cash flows, and at the same time deliver a convenient and seamless experience to their customers.”

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Allinpay, a leading FinTech and cross-border digital payments company, provides an integrated all in one platform to enable merchants to accept seamless and frictionless payments across online, mobile and in-store point of sales. Allinpay’s innovative merchant solutions accept international payment cards from Visa, Mastercard, Amex, Union Pay, Discover, Diners Club, JCB and alternative payment methods such as WeChat Pay and Alipay as well as Real-Time Payments.

Standard Chartered Bank in Singapore is part of an international banking group, with more than 160 years of history in some of the world's most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

The Bank has a history of 162 years in Singapore, where we opened our first branch in 1859. In October 1999, we were among the first international banks to receive a Qualifying Full Bank (QFB) licence, an endorsement of the Group's long-standing commitment to our business in the country.

Singapore is home to the majority of our global business leadership, our technology operations, as well as SC Ventures, our innovation hub. In 2013, the Bank transferred our Singapore Retail and SME businesses to a locally-incorporated subsidiary, Standard Chartered Bank (Singapore) Limited ("SCBSL"). And in May 2019, we fully consolidated our business operations in Singapore through the transfer of our Commercial Banking, Corporate & Institutional Banking and Private Banking businesses to SCBSL. SCBSL is one of the highest-rated banks globally: A1/Stable by Moody’s Investor Services, A/Stable by Standard & Poor’s and A/Stable by Fitch Ratings. In August 2020, we were the first and only bank to be awarded the “Significantly Rooted Foreign Bank” (SRFB) status by the Monetary Authority of Singapore. In December 2020, we were granted enhanced SRFB privileges, in recognition of the significantly higher degree of rootedness exceeding the SRFB baseline criteria.

In Singapore, we support both individual and corporate needs to build wealth and drive commerce at every step of their journey. We do this by offering an entire range of financial services across personal, priority and private banking as well as our business, and corporate, commercial & institutional banking teams. The Bank has a network of 12 branches, 4 Priority Banking centres, 1 International Banking and Priority Private Centre and 25 ATMs.

For more information please visit www.sc.com/sg.