PayMate Adds Expert Advisors

Dr. Safwan Shah and Mr. Jae Hyung Kim Join Advisory Board

Online PR News – 01-April-2012 – Mumbai, 30th April 2012 – PayMate, India’s leading mobile commerce company, announced today the addition of two new members to its Advisory Board - Dr. Safwan Shah, a payment industry entrepreneur and technologist, founder of Infonox which was acquired by TSYS, and Mr. Jae Hyung Kim, currently President of Cleartrip and previously with JP Morgan Chase.
PayMate is changing how commerce will be conducted in the future in developing markets like India. Its pioneering solutions are changing how consumers pay merchants for goods and services, and also how merchants accept payments.
With the advent of 3G, increasing proliferation of Smartphone, easing of regulatory restrictions, and the growth of mobile commerce ramping up across the country, PayMate is expecting a steep growth curve in the coming months. As part of the process to make the growth journey smoother, the advice of industry experts that have successfully built technology companies of scale and invested in growth will be key.

“Dr. Shah brings hands on experience of building and managing a technology company in the payments and financial services sector. Mr. Kim brings his vast experience of advising high growth technology ventures in mobile and financial services. The addition of these two luminaries to our Board of Advisors will help guide us through the upcoming growth phase of the company” said Ajay Adiseshann, Founder and Managing Director.

Dr. Safwan Shah is both a business visionary and a technologist. He was founder and CEO of Infonox, Inc., a disruptive, end to end payment platform company acquired by TSYS in 2009. Safwan’s experience includes research roles at a NASA center as well as various technology and innovation roles for Silicon Valley companies. Currently, he is a strategic Advisor and Partner at Adventure Capital, Pty., an early stage VC firm based in Melbourne, Australia. In addition, Dr Safwan Shah is a faculty mentor at Haas School of Business, Berkeley and Adjunct faculty at Baskin School of Engineering of UC Santa Cruz.

“I’m a strong believer in the critical role of mobile phones to access money, make payments and deliver financial services, especially in emerging markets like India” said Dr. Safwan Shah. “I am impressed with the PayMate team, the payments ecosystem they have built, and the potential of the company to take advantage of the upcoming explosive growth,” he added.

Jae Hyung Kim is currently responsible for Cleartrip’s corporate strategy, finance, M&A and overall business development. Prior to Cleartrip, Jae worked with J.P. Morgan for 13 years focused on Technology and Mergers & Acquisitions, most recently serving as Co–Head of Asia Technology Investment Banking. While at J.P. Morgan, Jae worked with leading, innovative technology companies across different geographies helping them to achieve their strategic and financial objectives. Jae graduated from Northwestern University, Evanston, Illinois, with a Bachelor of Arts degree in Economics and Mathematics, and a minor in Political Science.

“As a demonstrated leader in the mobile payments space, PayMate is starting to build momentum with its strong technology, valuable partnerships, and rapid deployments,” said Jae Hyung Kim. “I look forward to help guide them as they take advantage of the incredible growth opportunity in mobile commerce.”