FINTECH start-up SingX has launched an online remittance platform backed by former bankers, threatening to upend the global payments industry. It said its customers could save up to 90 per cent of typical remittance charges.

On the face of it, SingX's ambition to be the Airbnb of global payments, a US$30 trillion market, sounds far-fetched. The US$30 trillion market is dominated by banks with non-banks accounting for US$500 billion to US$600 billion. Annual revenues from global payments are estimated at US$300 billion, again with banks enjoying the bulk of the revenues.

The start-up, which began its remittance service last month, is starting modestly. It has raised US$2.5 million and is looking for another US$5 million to US$10 million.