Indian banking-as-a-service platform Decentro has rolled out operations in Singapore, marking its foray into the Asia Pacific market.

Saksham Shubham will serve as the business head for South East Asia to support the Asia Pacific business. 

Previously, Shubham had a stint at Grab and also held the role of Chief Business Officer at WingPay.

Shubham noted: “Our central banks and regulators have been learning from each other and working together closely for the past couple of years. Looking at UPI-based payments this year within Singapore will be revolutionary, and we expect this to bolster micro-payments in the domestic payments space. More importantly, our learnings from a hyper-competitive country like India will help us provide a much stronger API-based infrastructure for companies in this region.”

Recently having raked in $4.7m through Series A investment, Decentro has powered more than 300 firms across different commerce and fintech domains.

It is said to have grown over 35 times since its seed investment in October 2020.

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Through the new entity, the firm is applying for a payments licence from the Monetary Authority of Singapore (MAS).

Decentro CEO and co-founder Rohit Taneja calls the opportunity driven by the increasing synergy between India and Singapore on digital payments.

Taneja stated: “In the previous 5 years, India has emerged as a leader in digital payments infrastructure such as Unified Payments Interface (UPI), and now other countries are looking to partner with Indian companies to yield similar results for them. 

This brings a big opportunity for platforms like us to strive to provide the best financial platform for new-age companies to build at 10X the speed.”