Hitachi Payment Services has recently announced a strategic minority investment in Spydra Technologies to develop and introduce innovative offerings in the rapidly evolving domains of Web 3.0, Central Bank Digital Currency (CBDC) and blockchain technology, Hitachi Payments Services said in a statement.
According to the statement, Spydra’s expertise in enterprise blockchain solutions aligns with Hitachi Payment Services’s commitment to drive innovation in digital payments through ground-breaking technologies. The investment in Spydra is part of the Hitachi Payments Accelerator (HPX) programme, an initiative aimed at collaborating with FinTech startups through partnerships and investments to meet the evolving needs of businesses, merchants and customers.
Through this partnership, Hitachi Payment Services aims to integrate blockchain-powered capabilities into its payment infrastructure, to develop innovative payment solutions, improve payment efficiency, enhance security and reduce fraud. Furthermore, it will work towards addressing the challenges associated with cross-border payments, leveraging the potential of CBDC implementation for optimising payments, while reducing costs and enabling instant settlements, the statement added.
Commenting on the development, Anuj Khosla, Chief Executive Officer – Digital Business, Hitachi Payment Services, said in the statement, “At Hitachi Payment Services, we strive to introduce transformative technologies and solutions that enable superior payment experiences. Blockchain is the cornerstone of the next wave of financial innovation and our investment in Spydra reflects our commitment to advance digital payment innovation. By leveraging Spydra’s blockchain and CBDC capabilities, we are well-positioned to develop secure and cutting-edge digital payment solutions that empower our customers to thrive in an evolving digital landscape. Through the HPX programme, we aim to collaborate with disruptors in the FinTech and payments segment, driving the next phase of growth and innovation in digital payments.”
The Hitachi Payments Accelerator (HPX) programme will identify and mentor FinTech startups in domains such as Enterprise Resource Planning (ERP)/billing, segmented payment solutions, embedded finance, issuance, payments compliance, Banking as a Service (BaaS), AI/Gen AI, core banking, Web 3.0/CBDC and more.
Manish Tewari, Co-Founder, Spydra Technologies, also stated in the statement, “Our enterprise blockchain solutions are designed to offer scalability, security and efficiency across industries. By partnering with Hitachi Payment Services, we aim to bring innovative solutions that reshape the future of payments and commerce. As government and financial institutions in India move towards embracing blockchain-powered digital currencies and decentralised solutions, this collaboration is a significant step towards accelerating blockchain adoption in the payment sector.”
Spydra Technologies was co-founded by Manish Tewari and Ashwath Govindan, whose combined expertise in technology and business strategy has been pivotal in shaping Spydra’s innovative approach to blockchain solutions. With its low-code capabilities, the platform enables rapid deployment of secure and compliant blockchain solutions.
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