QFPay Raises US$20 Million in Its Latest Round of Funding from an All-Star Roster of Investors to Further Fuel its International Expansion

• QFPay secures an all-star roster of
  new strategic investors in the latest round of capital raise including MDI
  Ventures, Rakuten Capital and VentureSouq; existing investors Matrix Partners and
  Sequoia Capital China also participated
• A leading digital payment technology company,
  QFPay has established business presence in 13 markets across Asia and Middle
  East since 2012

SINGAPORE -�Media
OutReach - 13 August 2019 - QFPay, a leading digital payment technology
company in Asia, has received a new round of USD20 million funding from existing
investors Sequoia Capital China and Matrix Partners. This latest funding round
also boasts an all-star list of new strategic investors including MDI Ventures,
the corporate venture capital arm of Telkom Indonesia, the largest state-owned
telecommunication company in Indonesia; Rakuten Capital, the corporate venture
capital arm of Rakuten, Inc., a global leader in internet services
headquartered in Tokyo; VentureSouq, a venture capital firm based in Dubai with
a global portfolio of technology start-ups, supporting companies to successfully
expand into the Middle East.

Established in 2012, QFPay grew into a leading global digital
payment company with business presence across Asia and the Middle East in 13
markets including Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Laos,
Malaysia, Myanmar, Philippines, Singapore, Thailand and United Arab Emirates.
With this new round of capital injection, QFPay will continue to expand its presence
deeper into its core markets and further research and develop new digital
payment products and solutions.

“We have built our track record, know-how and expertise in
this industry since we launched in China which is dubbed as the birthplace of digital
payment. We are excited to leverage what we have learned in the past 7 years to
help lead the cashless movement in the rest of Asia as demand for digital payment,
particularly QR-code payment method, heats up in the region.”, explains Mr. Tim
Lee, Co-Founder and CEO of QFPay. Asia remains the leading growth region for digital
payments[1],
largely driven by demand for financial inclusion of the unbanked population. Notably,
in the ASEAN region, mobile payment gross transaction value is expected to
surge by over 25% CAGR until FY2027 to reach USD$109 billion[2],
spelling tremendous opportunities for stakeholders in the digital payment
industry.

Standing on the Shoulders of Giants, Trusted by Industry
Leaders

Leveraging its leadership in the digital payment ecosystem
with a comprehensive suite of proven digital payment product and solution
offerings, QFPay has been paving the way and contributing to the industry
expansion as a whole, winning transformative and significant partnerships with
top players in the industry including banks, telecom operators, cross-border
payment networks and consumer retail brands.

Such track record of achievements has attracted the attention of
global premier financial and strategic investors with one of its biggest supporters
being Sequoia Capital China, which has participated in all three rounds of the
company’s capital raise . “QFPay has the largest footprint in Asia and is one
of the most experienced and established digital payment technology providers in
the region,” says Mr. Li Zhanglu, Vice President of Sequoia Capital
China. “Led by their founding team comprised of industry veterans who
have on average more than 20 years of experience with leading payment
companies, QFPay’s continued growth accredits the robustness of its
international growth strategy and unique business approach for charting greater
success.”

“Strategic value from new investors in this round is expected
to catalyse QFPay’s expansion plans” adds Mr. Patrick Ngan, Co-Founder and
International CEO of QFPay. “We have been witnessing tremendous growth in
digital payment adoptions across Asia and given the need for localized strategy
and networks in each of the markets, having support from trusted strategic
partners like MDI Ventures, Rakuten Capital and VentureSouq as your investors
and advisors plays an important role in navigating through the complex business
environments.”

About QFPay

QFPay
is a leading mobile payment technology, solution and service provider with
presence across 13 markets in Asia and Middle East. Since its incorporation in
2012, QFPay is empowering merchants with end-to-end online and offline QR-code
mobile payment solutions and value added services including food ordering
services and customer loyalty programs.

To date, QFPay’s solutions have served over 1.2 million
merchants and executed over 1 billion transactions. These customers range from large,
medium and small merchants, from luxury fashion and jewellery brands to
restaurants and hotels, exhibitions to convenience store chains.