QFPay, a China based digital payment technology company has received a new round of USD20 million funding.

This funding round is joined by the likes Rakuten Capital, VentureSouq, MDI Ventures and existing investors like Sequoia Capital China and Matrix Partners.

The payments company is established in 2012 and describes itself as  “the largest global partner of WeChat Pay and AliPay”.

According to their media statement QFPay is currently operating in markets like Cambodia, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, Philippines, Singapore Thailand, UAE, Hong Kong and of course China.

With this new round of capital injection, QFPay seeks to to expand its presence deeper into its core markets and further research and develop new digital payment products and solutions.

“We have built our track record, know-how and expertise in this industry since we launched in China which is dubbed as the birthplace of digital payment. We are excited to leverage what we have learned in the past 7 years to help lead the cashless movement in the rest of Asia as demand for digital payment, particularly QR-code payment method, heats up in the region.”,

explains Mr. Tim Lee, Co-Founder and CEO of QFPay.

adds Mr. Patrick Ngan, Co-Founder and International CEO of QFPay.

“We have been witnessing tremendous growth in digital payment adoptions across Asia and given the need for localized strategy and networks in each of the markets, having support from trusted strategic partners like MDI Ventures, Rakuten Capital and VentureSouq as your investors and advisors plays an important role in navigating through the complex business environments.”

Image Credit: CUHK