Austreme Expands Global FinTech Business from Hong Kong
The Australian FinTech company sets up a regional headquarters in Hong Kong to capitalise on the growing demand for cloud-based, big data-enabled eCommerce monitoring services.
Malicious sites, malware threats and transaction laundering damage brand reputation and erode consumer confidence in eCommerce and online payment. Founded in Sydney, Australia in 2011, Austreme helps brand owners, merchant banks and payment gateways combat illegal merchant activities and prevent fraudulent transactions by using its proprietary technology. Its worldwide services span across Asia-Pacific, the US, Europe and Middle East markets.
“We are helping international credit card associations resolve challenging issues related to suspicious payment transactions and reduce financial and reputation risks for banks,” Terence Chau, Founder, Austreme, explained. According to Chau, Austreme is the only merchant monitoring service provider in the world that has attained the internationally-recognised Payment Card Industry Data Security Standard (PCI DSS) for three years.
In 2012, Austreme was selected as the top 23 emerging companies in Australia’s Tech 23. In 2015 it became the MasterCard’s Approved Merchant Monitoring Service Provider (MMSP) and received a strategic investment of US$6.3 million. To realise its global ambition, Austreme relocated its regional headquarters to Hong Kong in 2016.
“Hong Kong is ideal for FinTech businesses to scale globally because it is a well-connected international financial hub located in a favourable time zone and has a highly efficient workforce,” Chau said. “Demand for FinTech solutions, especially web security and risk management tools, by international and Mainland clients are increasing. This represents the right place and right time for us to establish a foothold in Hong Kong and accelerate our global expansion.”
The new regional headquarters will not only support clients in Hong Kong, but also the company’s offices being planned in Mainland China followed by the US and Europe. The company is expanding the workforce rapidly and is on the watch out for new blood of high calibre to join his startup with training opportunities ready to offer.
Its core technology platform provides big data intelligence on illegal online merchants or transaction laundering monitoring, brand protection, detection for malware, phishing, scams and malicious sites, etc. There are about 300,000 to 500,000 new sites traced and added into Austreme’s database for analysis every week, according to Chau.
Austreme’s niche expertise and the ability to understand the firsthand problems through active communication with the leaders of merchant banks reaffirm its leadership position in the industry. Chau is often invited to speak at various industry conferences to share his insights. To further enhance the company’s profile, he leveraged on InvestHK’s services for publicity support and networking opportunities.
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