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Fazz Financial Group
Fazz Financial Group formed in 2016 and restructured materially in 2022 when Indonesian agent-banking network Payfazz merged with Singaporean payments...
Fazz Financial Group
Fazz Financial Group formed in 2016 and restructured materially in 2022 when Indonesian agent-banking network Payfazz merged with Singaporean payments infrastructure provider Xfers. Co-founders Hendra Kwik and Tianwei Liu — formerly competitors — combined their companies into a single group serving small and medium businesses across Southeast Asia. The entity deals with a population segment that traditional banks frequently underserve: warung owners, gig workers, and micro-merchants. Fazz operates across digital payments, credit, and stablecoin infrastructure. Payfazz processes offline-to-online transactions through a network of agents in Indonesia, while Xfers provided the regulated rails for Singapore's digital-asset and stablecoin products — including the XSGD, XIDR, and XUSD tokens. Fazz Business, the group's SME lending arm, extends working-capital loans to merchants using transaction data for underwriting. The platform also includes savings products and bookkeeping tools. Confirmed backers include Insignia Venture Partners and B Capital as lead investors in the Series B, with Tiger Global Management participating in both the Series B and C rounds. The group runs dual headquarters in Jakarta and Singapore, with Samson Leo serving as Chief Legal Officer and handling regulatory strategy across both jurisdictions. Team size is not publicly disclosed. Leo holds memberships in the Singapore Institute of Directors and the Singapore Corporate Counsel Association. Fazz launched its stablecoins — XSGD and XIDR — to facilitate remittances and B2B settlements, and these tokens remain among the few live, regulated, fiat-backed stablecoins issued by a private fintech in Southeast Asia. Fazz's structural differentiator is its agent-based distribution model in Indonesia, which converts physical cash deposits at neighborhood kiosks into digital ledger entries — a model that bypasses the need for bank-branch density. In Singapore, the firm holds a Major Payment Institution license under the Payment Services Act, allowing it to run a regulated stablecoin program alongside its payment and credit operations. This dual regulatory footprint across Monetary Authority of Singapore and Bank Indonesia is rare among Southeast Asian fintechs of Fazz's scale.
General information
Firm type
Corporate Investor
Year founded
2016
AUM
Undisclosed
Location
Region
Asia
Country
Indonesia
City
Jakarta
Corporate office
Jakarta, Indonesia
Additional offices
79 Ayer Rajah Crescent, #04-08, Singapore 139955
Principals
Hendra Kwik
Group CEO and Co-founder
Tianwei Liu
Deputy CEO and Co-founder
Samson Leo
Chief Legal Officer and Co-founder
Sector focus
Frequently asked questions
How did Fazz Financial Group form?
Fazz Financial Group resulted from the 2022 merger of two rival fintechs: Indonesia's Payfazz, an agent-based digital-wallet network founded by Hendra Kwik, and Singapore's Xfers, a payments-infrastructure and stablecoin provider co-founded by Tianwei Liu and Samson Leo. The merger unified a customer base of millions of micro-merchants across both countries under a single entity.
What stablecoins does Fazz issue, and under whose regulation?
Fazz issues XSGD, XIDR, and XUSD — fiat-backed stablecoins representing the Singapore dollar, Indonesian rupiah, and US dollar respectively. Xfers, as part of Fazz, holds a Major Payment Institution license from the Monetary Authority of Singapore, making these among the few regulated privately issued stablecoins in Southeast Asia.
Who are Fazz's major external investors?
Fazz raised its Series B led by Insignia Venture Partners and B Capital, with participation from Tiger Global Management. Tiger Global and B Capital both continued their involvement in the Series C round. These backers bring networks across US and Asian technology markets.
What is Fazz's core customer base?
Fazz targets micro, small, and medium enterprises (MSMEs) in Indonesia and Singapore — specifically warung owners, market vendors, gig-economy workers, and other merchants who historically operate in cash and lack access to formal bank credit. Payfazz's agent network converts physical cash into digital value, while Fazz Business extends working-capital loans based on transaction data.
Does Fazz operate more as a fintech platform or a corporate investor?
Fazz operates primarily as an operating fintech platform — building and running payments, credit, and stablecoin infrastructure. Its investment activity has been corporate in nature, backing its own ecosystem and adjacent financial rails rather than running a diversified external portfolio.
What regulatory licenses does Fazz hold in Singapore?
Through Xfers, Fazz holds a Major Payment Institution license under Singapore's Payment Services Act 2019. This license covers digital payment token services, domestic and cross-border money transfers, and merchant acquisition. The firm is regulated by the Monetary Authority of Singapore.
What role does the agent network play in Fazz's business model?
Payfazz's agent network — consisting of neighborhood shop owners and individuals — accepts physical cash from customers and crediting their digital wallets. This model bridges Indonesia's largely cash-based economy with digital financial services, bypassing the need for dense bank-branch infrastructure and building a last-mile distribution layer that Fazz's credit products now sit on top of.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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