Crunchfish expands Digital Cash to Southeast Asia

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Crunchfish AB ("Crunchfish") and V-Key strengthen their partnership to expand Crunchfish’s presence in Southeast Asia, the world’s fastest growing region for e-Wallets. Crunchfish will benefit from V-Key’s strong position and local offices throughout Southeast Asia. 

Mobile payments are booming in Southeast Asia. The number of e-Wallets is expected to grow by over 300% between 2020 and 2025, reaching up to 440 million across Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam*. As e-Wallets are increasingly replacing cash and cards, requirements on e-Wallet availability are growing. An e-Wallet empowered by Digital Cash works offline – regardless of connection issues, infrastructure failures or overloaded servers. Digital Cash ensures 100% payment availability, it’s like having cash in your e-Wallet.

V-OS from V-Key is a trusted execution environment where Crunchfish Digital Cash solution executes securely in isolation from the unsecure environment of the mobile phone. The product partnership with V-Key is now expanded to also include market activities. Crunchfish and V-Key have published a joint solution paper and will collaborate on sales and marketing activities in Southeast Asia. V-Key, with headquarters in Singapore and local sales and support offices in Vietnam, Indonesia, the Philippines and Thailand, have existing customer relations which will shorten time to market for Digital Cash in the region.

"V-Key technology not only secures digital identity, but more importantly, allows our customers to deliver Trusted Digital Services. Our partnership with Crunchfish is unique in that we believe that digital payments should be a fluid, seamless, and trusted experience, whether your online or offline. In Asia, we are experiencing steep growth curves in the adoption of digital services and payments, and with these, our joint-solution will help answer some of the challenges of the digital economy.", says Peter May, VP Global Sales at V-Key

"V-Key is a key partner for Crunchfish. We expand our partnership now by engaging in joint sales and marketing activities in Southeast Asia. V-Key have sales and support organizations, as well as existing customers that we together can approach and leverage. As our product offering is already integrated, this will create great opportunities for both companies.", says Patrik Lindeberg, CEO Crunchfish Digital Cash.

*According to The Business Times, July 2021, referring to analyst house Juniper Research

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88 

Erik Berggren, IR Manager
+46 726 01 16 73

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: Telephone +46 40 200 250.

About Crunchfish –
Crunchfish is a technical pioneer with solution areas; Digital Cash with a two-step hierarchical architecture that makes Digital Cash payments independent from the net, offering instant payments fully offline, followed by settlement online. Gesture Interaction that enables touchless interaction with devices without touching displays or physical buttons.  Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

About V-Key –
V-Key is an internationally acclaimed software security company, headquartered in Singapore. V-Key’s pioneering technology powers ultra-high-security solutions for digital identity management, user authentication and authorization, IoT, as well as electronic payments for major banks, government agencies, and the app economy.

V-Key is the inventor of V-OS, the world’s first Virtual Secure Element. Internationally patented, V-OS uses advanced cryptographic and cybersecurity protections to comply with standards previously reserved only for expensive hardware solutions. V-OS is FIPS 140-2 validated (US NIST), Common Criteria EAL3+ certified and accredited by the Infocomm Media Development Authority of Singapore (IMDA).