Indian origin led startup launched overseas transaction platformFebruary 09, 2017 17:16
A financial technology startup based in Singapore by an NRI today launched an online platform by which people can transfer funds to India cheaply.
SingX Pte Ltd is planning to expand its services from Singapore to allow online money transfer to Malaysia, Hong Kong and Australia, where it holds licenses along with other countries.
The app was launched in mid January 2017, using the service Singapore based consumers can transfer money to Indian consumers at fraction of charges.
They claimed that it would be a fraction of what consumers typically pay money transfer through regular banking charges.
SingX is backed by some of the country’s most experienced bankers, the foreign exchange platform can help consumers and small/medium sized enterprises save up to 90% of remittance charges.
Atul Gard the SingX’s Principal Founder and CEO said that the company wants to create the Airbnb of global payments with the Country’s first peer-to-peer foreign exchange platform.
Garg said that they their targets are consumers and SMEs, the segments they believe are undeserved and consumers are paying higher rates of remittance.
SingX’s technology will provide them with a smarter way of moving their funds, swiftly, smoothly and cheaply. Consumers no longer have to stand in bank queue’s or fill up the forms.
Sid is of Indian-origin in Singapore with over 25 years of baking and payment experience.
According to a report in 2016 by the Boston Consulting Group commissioned by the Society for Worldwide Interbank Financial Telecommunication, estimates cross border payments at USD 30 trillion and growing at 10 per cent. The estimated revenues from cross border payments are USD 300 billion.