Ex-DBS bankers back fintech remittance startup

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.