Collecting payments and making online purchases in South East Asia can be challenging, as credit card penetration in the region is relatively low, with many consumers preferring to use cash.

Xfers is a startup launching out of our current Summer 2015 that aims to solve these problems, providing businesses in South East Asia with the ability to collect both credit card and internet banking payments, and letting customers make purchases online using only their phone number.

At the moment, Xfers is launched in Singapore, and plans to expand to other locations throughout South East Asia in the coming months.

Tech In Asia’s Michael Tegos wrote about Xfers in a recent post:

“Xfers founders Victor Liew, Wenbin Tay, and Tianwei Liu wanted to
tackle this area after experiencing first hand the difficulties of such
transactions. The two NUS (National University of Singapore) graduates
were working in Silicon Valley, at Quora and Amazon. Part of a large
community of Singaporean engineers working in California’s Bay Area,
they were frequently asked by friends back home for items that were
easier to find in the US.

But when payment time came along, there would be all sorts of
problems. They’d have to chase people for payment, relay their bank
account information, manually log in to their account every time to see
if the payment came through, and manually keep track of who sent them
what.

Like many a startup, Xfers was born after someone said, ‘There has to be a better way!'”

Read the full story on Tech In Asia here.