Ex-DBS bankers back fintech remittance startup
SingX charges a fixed 0.5%, disclosed upfront, compared to remittance charges of 1-5% here
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Singapore
FORMER DBS bankers are backing a fintech remittance-payments startup with the potential to disrupt the lucrative trillion-dollar global-payments industry.
The homegrown fledgling, called SingX, on Thursday billed itself as a cheaper, faster and more-convenient online-remittance platform which charges consumers a fraction of what they typically pay for overseas money transfers. It says it will slash these charges and offer live foreign-exchange rates, rates at which banks transact with one another, so that customers pay a transaction fee of 0.5 per cent, which is disclosed upfront.
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