Malaysia-based Gobi Partners invests in payment firm Transak to facilitate digital asset payment

The Malaysian and Hong Kong-based venture capital (VC) firm Gobi Partners has announced an undisclosed investment in Transak, a business that facilitates compliant transactions between traditional currencies and digital assets.

Gobi Partners stated in a press release on Tuesday that the investment reflects its belief that as blockchain adoption expands worldwide, regulated digital asset payment systems will become more important for financial services, remittances, and cross-border payments.

Transak was established in 2019 and offers a payments infrastructure layer that enables financial institutions and fintech companies to exchange digital assets and fiat currencies via a single application programming interface (API). In more than 64 countries, the platform oversees local payment integrations, risk monitoring, anti-money laundering (AML) controls, identity verification (KYC), and licensing requirements.

With plans to grow into the Middle East, Latin America, and other Asia-Pacific markets, Transak currently has over 20 regulatory approvals in markets such as the United States, the United Kingdom, the eurozone, Australia, Canada, and India. In order to facilitate the adoption of regulated digital asset payments in Southeast Asia, it has set up its Asia-Pacific headquarters in Hong Kong and intends to increase collaborations with local banks and payment networks.

Currently, the platform supports access to more than 130 digital assets across 45 blockchains and is integrated into over 600 applications globally. Additionally, it helps over 10 million users with onboarding and payments via a variety of channels, such as local systems, bank transfers, and payment cards.

According to the release, Gobi’s investment enables responsible growth throughout Asia and supports the development of blockchain payment rails that adhere to supervisory standards.