Xfers "Rebrand" Becomes Fazz Business, Strengthens Mission as a B2B Solution Provider [UPDATED]

Fazz Financial Group (FFG) business unit, Xfers announced rebrand become a Fazz Business. On the official site conveyed, this name change makes the company's focus more than just payments, but also savings and credit. This series of financial products is expected to support and develop various businesses in Southeast Asia.

"We made these changes to continue to help you build, run and grow your business," the management wrote.

Meanwhile, StraitsX fixed become an independent crypto branch under Fazz Business that supports payment infrastructure for digital assets. StraitsX itself was founded in 2019 as a digital asset platform developer to advance the open finance ecosystem in Singapore powered by Zilliqa.

Separately, to DailySocial.id, the company's management said not only Xfers who rebraned, the name of the parent company, namely FFG, was also changed to Fazz.

"Fazz itself is a financial services ecosystem consisting of: Fazz (business accounts in Southeast Asia), with Fazz Business as a component of Fazz. Fazz Business is a rebrand from Xfers, which serves medium-sized businesses and fast-growing startups in Singapore and Indonesia and StraitsX (a payment infrastructure for digital assets)," the management wrote.

Founded in 2015, Xfers is on a mission to accelerate financial access in Southeast Asia by enabling businesses to accept payments and send money. Xfers offers a variety of financial channels last mile, including Xfers Send, Xfers Accept, Xfers Wallet, and StraitsX.

In Singapore, Xfers has obtained a license issued by the Monetary Authority of Singapore for the issuance of electronic money. In Indonesia, Xfers connects businesses to a variety of payment methods that include bank transfers, e-wallets, and offline channels such as agent banking networks and convenience stores.

Since Xfers was acquired by Payfazz, both have independence in achieving goals. Payfazz will focus on the Indonesian market due to its wide coverage, while Xfers functions as a B2B service from FFG (Fazz Financial Group), focusing on connecting external customers to the payment infrastructure and user network already assembled by the group.

In addition, Xfers will also be a vehicle for the group to expand to a number of countries in Southeast Asia, considering that the company has a presence in three countries.

Six years Fazz

At the same time, the parent group of Xfers announced its 6th anniversary which was celebrated with a logo change. In his display, CEO Fazz Hendra Kwik said that when the company was started, he had to visit the stalls one by one by motorbike. Many small businesses pay bills with cash, computers with hardware old school for transferring and receiving funds, and recording expenses the old fashioned way, using pencil and paper.

The solution developed by Fazz is claimed to have succeeded in helping more than 200 thousand businesses spread across Singapore and Indonesia, simplifying the sending and receiving of funds, automatic financial records and reports, receiving credit, and even accessing blockchain Lewat smartphone. “For small business owners, this changes their lives,” said Hendra.

However, he continued, there are still many small businesses that have not been touched. These small businesses are important contributors to the economy in Southeast Asia representing between 97% and 99% of enterprises and between 60% and 80% of employment in ASEAN countries.

“They are the lifeblood of Southeast Asia's economy – and they are under threat. When small business owners are forced to close, there is a family behind them that loses income. If we don't help them to succeed, the progress we've made so far will be in vain.”

For this reason, the next two years will be an important period for companies to increase their impact more broadly, serve more business categories, and expand the reach of financial services, given that there is still much room to be explored in the financial industry.

“This year, we started strongly expanding our coverage from Indonesia to Singapore, expanding our category offerings to serve a wider range of businesses, including FMCG, F&B, wholesalers, distributors, startups. e-commerce, D2C startup, expanding the reach of our financial services to transfer, credit, BNPL, cost management, high yield savings, and bookkeeping," concluded Hendra.

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*) We added a written statement from Fazz's management, including the rebrand of FFG to Fazz