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Former DBS bankers back fintech remittance start-up
FORMER DBS bankers are backing a fintech remittance payments start-up.
Singapore financial technology start-up SingX on Thursday 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.
Backed by some of the region's most experienced bankers who have worked for financial institutions such as American Express and DBS Bank, SingX's foreign exchange platform can help consumers as well as small and medium-sized enterprises save up to 90 per cent of typical remittance charges, it said.
Former DBS managing directors Rajan Raju and Edwin Khoo are shareholders and serve as SingX's advisors.
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.
SingX said the typical remittance charges, averaging about eight per cent 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 said it cuts these charges and offers live foreign exchange rates, rates at which banks transact with each other, and customers pay a small transaction fee of 0.5 per cent which is disclosed to the consumer upfront.
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.
Mr 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 licences in Hong Kong and Australia.