FX fintech backed by former Amex, DBS bankers launches in Singapore
(8 February 2017 – Singapore) Backed by ex-American Express and DBS bankers, a fintech firm based in Singapore has said it has launched a cheaper, faster and more convenient online remittance platform which charges consumers a fraction of what they typically pay for overseas money transfers.
The foreign exchange firm, SingX, says it can assist small and medium-sized enterprises and retail customers save up to 90 percent of typical remittance charges.
SingX chief executive and principal founder Atul Garg was American Express' group general manager responsible for managing the Amex's payment franchises in Korea, India, and several emerging markets.
The firm said the typical remittance charges, averaging about eight percent according to World Bank data, are often not fully transparent to customers. They include cable fees, bank commissions and mark ups on exchange rates.
SingX launched its Singapore-India service in mid-January, allowing Singapore-based consumers to transfer funds to India. It plans to expand its platform to allow money transfers from Singapore to Malaysia, Hong Kong, Australia where it also holds licenses, and other countries.
Garg said SingX, like the bigger banks, has implemented a host of technology security measures and takes the safety of customers' personal details very seriously. It has implemented two-factor authentication, and secure data transmission methods. It has also partnered with licensed remittance operators in each country which are licensed to do remittance transactions by the central bank in their respective countries.
SingX's sister company Transfer Easy is licensed by the Monetary Authority of Singapore. SingX also holds remittance licenses in Hong Kong and Australia.
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