Indian gift card technology company Qwikcilver has announced plans to bolster its footprint in South East Asia.

The expansion strategy involves strengthening its presence in the digitised gift category with primary focus on Singapore, Malaysia, Indonesia, Vietnam and the Philippines.

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Recently, Qwikcilver also hosted a Gift Card Conclave of South East Asia in Singapore, as a part of its efforts to support the expansion.

The latest move comes just four months after Qwikcilver was acquired by Singapore-based merchant platform company Pine Labs. The acquisition was valued at $110m.

Qwikcilver CEO and Pine Labs president of Gift and Stored Value Kumar Sudarsan said:  “We have seen rapid adoption of Qwikcilver gift platform in South East Asia over the last year.

“Spurred by the increase in mobile and Internet-based commerce especially among millennials, Asia Pacific is expected to be the fastest growing gift card region in the world over the next five years.

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“We are gearing up to partner and launch digitised gifting programs across South East Asia with  100+ marquee brands in multiple industry sectors including retail, hospitality, wellness and travel, in the next 12-18 months.”

Established in 2006, Qwikcilver claims to process nine out of every ten gift cards in India. It has also developed a Stored Value Platform to help merchants, retailers and brands with managing gift cards.

In April this year, Indian online content platform ZEE5 collaborated with Qwikcilver to launch e-gift cards across major marketplaces.