Singapore financial technology (fintech) startup SingX has launched an online remittance platform which charges consumers a fraction of what they typically pay for overseas money transfers.
The foreign exchange platform can help consumers and small and medium enterprises (SMEs) save up to 90 percent of typical remittance charges, SingX said in a press statement on 9 February 2017.
SingX cuts out these charges and offers live foreign exchange rates and rates at which banks transact with each other. Customers pay a small transaction fee of 0.5 percent, which is disclosed to the consumer upfront.
The platform has implemented two-factor authentication, and secure data transmission methods. It has also partnered with licensed remittance operators in each country which are licensed by their respective financial regulators to perform these transactions.
The company launched its Singapore-India service mid-January, and plans to expand its platform to allow money transfers from Singapore to Malaysia, Hong Kong, Australia and other countries.
"SingX wants to create the Airbnb of global payments with Singapore's first peer-to-peer foreign exchange platform," said Atul Garg, SingX's Principal Founder and Chief Executive Officer. "We are targeting consumers and SMEs, the segments we believe are underserved and are paying the highest rates for remittances. SingX's technology can provide them with a smarter way of moving their funds, swiftly, smoothly and cheaply."
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