OMG Network's Parent Company SYNQA Raised $80 Million in Series C

According to Thailand-based company SYNQA, the firm will use the $80M investment to ‘deepen its footprint’ in cashless societies in Asia.

SYNQA, the parent company of OMG Network formerly known as Omise Holdings, raised $80 million in a fundraising round for new cashless payment ventures.

In a June 22 announcement, Thailand-based fintech company SYNQA stated it had raised $80 million in a Series C funding round led by Siam Commercial Bank subsidiary SCB 10X and the Asia-based venture capital group SPARX. Other investors included the Japan-based Toyota Financial Services Corporation, Sumitomo Mitsui Banking Corporation, SMBC Venture Capital, and the Aioi Nissay Dowa Insurance Corporation.

According to a press release from SYNQA shared with Cointelegraph, the company will use the investment to spread cashless solutions to businesses across Asia. The fintech firm cited digital currency as just one solution among many.

“In times of social distancing, fintech infrastructure such as payment gateways are key tools in performing day to day financial transactions in a fast, secure and convenient manner.”

“There are many products and factors that can help a society become cashless,” a SYNQA representative said to Cointelegraph. “Our subsidiaries are developing new and improved technologies and financial infrastructure to enhance customer experiences with seamless value transfer systems that would also accommodate a cashless society.” 

Possible improvements to Toyota Wallet

In addition to its efforts in improving cashless payments, SYNQA has been supportive of Japanese manufacturer Toyota, which announced it had launched a cashless app wallet in November 2019. At press time, no crypto support is available for the Toyota Wallet.

“The new subsidiary [was] founded to especially meet market demands from enterprises to support them in their digital transformation,” the representative told Cointelegraph. “The team works closely with enterprises to develop end-to-end fintech digital transformation products like the Toyota Wallet.”

OMG pump and dump raises eyebrows

Cointelegraph reported in May that the first day of trading for Ethereum-based OmiseGo (OMG), the 41st ranked cryptocurrency by market cap, was marked by significant premiums at exchanges including Coinbase. The activity resulted in a 200% price increase and immediate crash.

At the time of writing, the price of the OMG token is $1.53, far from its ATH at roughly $25 in January 2018.