TransferFriend Aims to Build The World’s Most Trusted Fintech Brandby Company Announcement September 11, 2017
Out of 600 million people in ASEAN, around 73% are unbanked. Artificial Intelligence (A.I.) is taking over the Financial Service industry. Singapore has been supporting this initiative for some time now through high investments in order to promote building a new digital economy.
TransferFriend’s expansive 1,500 research on foreign workers found that much of their monthly income sent from Asia is often ill-used on short-term consumables with no specific savings plan in place. Majority of the respondents work to send up to 50% of their income back home to support their families without having a financial goal in mind.
Having the regional office based in Malaysia, a subsidiary in Singapore and Estonia, the company aims to provide a previously unseen solution for the global remittance market of 580 billion USD annually. TransferFriend will offer the best money transfer service with A.I. driven financial education.
“The finance industry is the least trusted in the world today,”
said Siim Säinas, Managing Director of TransferFriend.
“We believe we can offer a radically different way to build relationships and trust, by offering valuable education to our members and personalizing the learning experience with the help of AI.”
Mobile subscriptions in Southeast Asia is 854 million which is 133% of the population, yet only 6% of global remittances are done digitally. After launching the beta app on Google Play earlier this year, it has already gained over 20,000 installs.
TransferFriend’s proof of concept showed that cost of transfer can be reduced by up to 85% by utilizing new blockchain technologies.
To learn more about TransferFriend’s services, please visit the website at www.transferfriend.com or download the app from Google Play.
Featured image via TransferFriend facebook page