Singapore FinTech startup now supports cross-border digital remittance to the markets. Singapore-based FinTech startup SingX has expanded its online remittance services to Malaysia and Hong Kong.
SingX founder and CEO Atul Garg said the company SingX has introduced remittances to two new markets, from Singapore to Malaysia and from Singapore to Hong Kong, as these markets have a considerable amount of cross-border payments taking place because of their long ties with Singapore.
Licensed by the Monetary Authority of Singapore, SingX targets individuals and SMEs. The expansion of its service to new geographies is expected to appeal to Malaysians in Singapore who transfer money back home to pay for expenses and Singapore residents who invest in stocks, property and trade in Hong Kong and China.
The company launched its first product, cross-border fund transfer from Singapore to India, in January this year. Based on its current monthly run rate, after six months of operations, SingX’s online remittance platform would have achieved an annualized run rate of $100 million.
SingX’s online platform claims to be cheaper, faster and more convenient as it charges consumers a fraction of what they typically pay for overseas money transfers. It does this by cutting out cable charges and bank commissions and offering transparent and live forex exchange rates. It also claims to be more convenient as it eliminates the need to fill out complex forms and for personal visits to a branch. The only fee payable is a small handling fee which is made known to the customer upfront.
Compared to bank transfers, users of SingX are expected to save up to 90% in remittance charges when transferring funds to India, Malaysia and Hong Kong.
SingX has implemented two-factor authentication and secure data transmission methods. As a regulated payment services provider, it has also ensured the customer’s money is kept in a segregated client account.
SingX has further plans to roll out new services to a number of new countries around the globe soon.