Deutsche Bank expands merchant solutions to APAC

credit: moxumbic/Shutterstock
credit: moxumbic/Shutterstock

Deutsche Bank has expanded the coverage of its merchant solutions capabilities to multiple territories across the Asia-Pacific region. 

The bank’s clients in Australia, India, Indonesia and South Korea will now gain access to a global payment acceptance platform that affords a range of local payment methods distinctive to these four markets. 

A focus for Deutsche Bank is its strategic investment in Australian PayTech firm DataMesh Group. Initially investing in the company in February 2023, the bank has leveraged DataMesh’s payment orchestration platform to work with individual payment acquirers to leverage local online payment methods in the four aforementioned countries. 

DataMesh consolidates cross-border payment data and enables Deutsche Bank’s clients to centrally manage their payments across currency borders and different jurisdictions.

Oliver von Quadt, Deutsche Bank’s Head of Merchant Solutions, APAC and the US, said: “We are delighted to go live with Merchant Solutions in Asia Pacific and enable our clients to offer seamless and efficient payment services. 

“We see significant potential for our Merchant Solutions business in the region, which houses some of the fastest growing and most exciting e-commerce markets in the world.”

Deutsche Bank will continue to roll out Merchant Solutions capabilities across Asia over the next few years, prioritising Thailand, Vietnam, Philippines, Singapore, Malaysia and Hong Kong. The bank will focus on offering key local payment methods and helping clients to simplify connectivity to global payment acceptance platforms. 

Revenue in the e-commerce market in Asia is projected to reach $1.97trn this year, and it is expected to show an annual growth rate of 9.8%, resulting in a projected market volume of $3.15trn by 2029, according to Statista.

Rachel Whelan, Head of Corporate Cash Management for APAC, Middle East and Africa and Global Head of Payments and Transactional FX Product Management, added: “Our newly launched Merchant Solutions capabilities significantly broaden our cash management offering for clients across Asia Pacific. 

“Being able to offer a one-stop shop for our clients’ payments needs is a true differentiator for us in the market, and we look forward to growing this business in Asia in the years to come.”