Singaporean fintech firm soCash has obtained $6m funding in a Series B round led by Glory, a Japanese maker of money handling machines.

The fintech firm intends to use the new capital to expand into Indonesia, Malaysia, and Hong Kong.

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The firm already secured the go-ahead from regulators in the three jurisdictions and said that it is in the process of building its team in these markets.

Glory leader of the long-term vision project team Minoru Higashiyama said: “Glory is a global leader in cash processing and retail automation, and we believe that the current supply chain of cash needs to transform as the transportation of cash across large distances costs billions of dollars each year, a cost largely passed on to consumers.

“soCash’s approach of connecting retailers, banks and consumers on a platform for cash circulation is a perfect fit to Glory’s hardware and IoT business.”

SC Ventures- the ventures unit of Standard Chartered- and Vertex Ventures also participated in the latest fundraising.

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soCash co-founder and CEO Hari Sivan said: “We started soCash to make cash circulation efficient; our platform has now evolved to become the only network that converts neighbourhood shops into ‘virtual branches’.

“With the emergence of virtual banks and open banking, our network is well-equipped to offer sales and distribution with flexibility and massive scale.”

The mobile app of soCash converts shops into ATM alternatives, enabling customers to withdraw cash without the requirement of card and PIN or apply for loans.

In Singapore, soCash has a cash disbursement network of over 1,400 shops.

Among the fintech firm’s banking partners are Standard Chartered, DBS, ICBC, and POSB.