Singapore-based fintech startup Wallet Engine has teamed up with German software firm Mambu to speed up the development of its wallet-as-a-service offering.

The proposition will be used by Wallet Engine to address cross-border compatibility issues and provide a solution for individuals and businesses seeking micro transactions.

It is expected to be developed into the go-to tool to embed financial services into any app.

Wallet Engine CEO and co-founder Gregor Arn said: “Our wallet-as-a-service subsequently enables organisations in all sorts of industries to launch their own branded wallets to provide their customers with added value that is convenient and simple.”

Powered by Mambu’s composable platform, Wallet Engine’s globally compliant wallet-as-a-service is already available in Singapore.

The fintech startup is planning to launch the service across the Asia Pacific region this year.

Wallet Engine’s service will be able to offer the base for contextual peer-to-peer payments, micro-finance, and in-app economies.

Mambu APAC managing director Myles Bertrand said: “It’s been especially gratifying that this project has been designed, developed and launched right here in Singapore – it’s a great indication of the current strength of Singapore’s fintech ecosystem.”

Wallet Engine supports non-financial organisations to provide their own branded wallets for seamless money transfers between their users irrespective of the dollar amount or country of origin.

It will continue to work with Mambu to transform financial services in the Asia Pacific region.