The wallet-as-a-service (WaaS) platform HolyWally has been acquired by DCS Fintech Holdings, a division of DCS Innov, a Singaporean company, which was announced on Thursday.
In particular, it represents a major step forward for DCS Innov’s plans to expand globally into the US and European markets, the company said in a statement.
Through the acquisition, DCS Innov will be able to expand the global reach of its wallet, aptly named InstaWally, and offer a cutting-edge WaaS solution that enables businesses to provide their end customers with a consistent payment experience across the globe, all within a single app.
As per the statement, DCS Innov plans to leverage HolyWally’s current worldwide clientele to establish affiliate partnerships that bolster the fundamental payment services provided by InstaWally in various regions.
In the United States, the United Kingdom, Europe, and Japan—where HolyWally has partnered with companies like Zenus Bank, Monavate, and FinMirai, respectively—InstaWally is anticipated to be ready for sale within the year.
The viability of this global proposition is further strengthened by DCS Innov’s ongoing strategic partnerships with Visa, Mastercard, and EpisodeSix, a global cards processor.
With just one integration to InstaWally, clients can now offer the same app to their customers across multiple geographies without requiring further integration work, resulting in a straightforward yet incredibly valuable “Lift-&-Shift” model.
Before the acquisition, DCS Innov hired HolyWally to provide a WaaS solution that integrates the primary payment services provided by DCS Card Centre (DCSCC), such as virtual bank accounts, cards, and Web3 payments using DCS Tokens, into a mobile app that can be downloaded on both the iOS and Android platforms and is white-labeled.
Without having to start from scratch with infrastructure or payment capabilities, this solution enables fintechs and any other non-finance related company to launch a mobile app with payment and loyalty features in a matter of weeks.
The wallet solution incorporates access to additional add-on services, such as live chat, in-app QR payments, remittance, and more, that are integrated with strategic partners in addition to the basic payment services. These services are continuously improved to enhance the wallet app’s overall user experience.
Currently in sales readiness, DCS Innov’s wallet app solution, aptly named “InstaWally,” is scheduled to onboard its first client in the third quarter of 2024.
“The acquisition of HolyWally marks a significant leap forward for DCS Innov’s ambition to support fintech enablement globally,
“Payments connect businesses and consumers across the world. With global travel and portability being increasingly ubiquitous for both work and leisure, we have a social responsibility to make payments seamless, secure and swift, and provide a user experience that is easy to navigate and consistent to use, regardless of where a business or individual is located,” said Ceridwen Choo, Chief Executive Officer of DCS Innov.
