#Malaysia #Kuala Lumpur #Southeast Asia #ShardLab #StoreHub

ShardLab and StoreHub: Pioneering the Future of Payments in Southeast Asia

In an exciting development for the fintech landscape in Southeast Asia, ShardLab, a venture studio backed by the global investment firm Hashed, has announced a strategic investment in StoreHub, a prominent leader in the region's commerce and payments sector. The partnership will not only involve investment but also the formation of a joint venture aimed at enhancing payment systems and rewards experiences for consumers and merchants throughout the region.

StoreHub is already a significant player in the market, operating across Malaysia, the Philippines, Thailand, and Japan, with over 20,000 merchant locations linked to its platform. With more than 200 million transactions processed annually, translating to approximately $3.5 billion in total transaction value, StoreHub has established a robust presence in the retail and food business environments.

The collaboration between ShardLab and StoreHub represents a merging of expertise and resources that aims to tackle the challenges of everyday transaction processes. ShardLab was created through a strategic partnership between Hashed and SCBX, a leading financial group in Thailand, which enables the development of innovative solutions at the intersection of frontier technologies and financial services. This investment in StoreHub allows ShardLab to leverage a large-scale network of merchants while advancing its agenda to bring to life new consumer payment models.

The essence of this partnership is rooted in the recognition of Southeast Asia as an ideal environment for fintech innovations. The region's unique demographic dynamics—boasting a substantial population underserved by traditional banking systems, coupled with a young and tech-savvy population utilizing mobile payment solutions—presents an outstanding opportunity for development. As both companies work together, they plan to test new business models with real merchants and consumers, only scaling successful initiatives.

Statements from Leaders
Wai Hong Fong, CEO of StoreHub, expressed enthusiasm for the partnership, stating, "StoreHub has invested over a decade into building the commerce and payments infrastructure utilized by merchants across Asia. The combined expertise of ShardLab and Hashed in payment and rewards technology promises to equip real merchants with tools to enhance their sales. Our goal remains focused: everything we develop must serve to help merchants sell more effectively. Additionally, we continue innovating within StoreHub, integrating artificial intelligence to empower smaller businesses to operate with the proficiency of larger operations."

Hojin Kim, CEO of ShardLab, added, "For several years, we have been exploring how innovative payment and rewards technologies can elevate consumer experiences. Partnering with StoreHub provides us with an extensive distribution network that includes over 20,000 actual merchant locations. This collaboration aims to move beyond experimental phases to create products that deliver tangible value for both consumers and merchants."

Looking Forward
As the partnership unfolds, more specific product developments and initiatives will be announced as they launch, signifying ShardLab and StoreHub's commitment to enhancing commerce across Southeast Asia. The strategic alliance not only symbolizes collaboration in the realm of technology but also embodies the larger shift towards democratizing financial services and commerce solutions in rapidly growing markets.

As ShardLab leverages its innovative capabilities alongside StoreHub’s established infrastructure, the potential for groundbreaking developments in payment solutions and consumer rewards appears promising, marking a significant advancement in the region's fintech ecosystem.

About ShardLab

ShardLab represents the innovation wing of Hashed, one of Asia's foremost Web3 venture capital firms. With an objective to champion the adoption of Web3 technology across Southeast Asia, ShardLab is dedicated to making technology widespread and accessible, thus empowering communities in this rapidly evolving digital landscape.

About Hashed

Hashed collaborates closely with founders who are reforming the paradigms of blockchain, artificial intelligence, and content. Operating from five global hubs, Hashed supports entrepreneurs with the necessary resources to amplify their reach and achieve significant growth in international markets.

About StoreHub

Headquartered in Kuala Lumpur, StoreHub offers a suite of seamless solutions that cater to retail and food & beverage industries, including point-of-sale systems, payment processing, loyalty programs, and online ordering capabilities. Committed to simplifying the path to business success, StoreHub aims to empower entrepreneurs with powerful tools, beautifully designed and intelligently integrated with AI capabilities, to help them thrive in competitive environments.