4xLabs’ New Platform Lets You Compare Prices of Overseas Money Transfer Servicesby Fintechnews Singapore June 10, 2019
Following the launch of Get4x, a price discovery platform for currency exchange, a Singapore-based fintech named 4xLabs has just launched a comparison platform which puts different money transfer solutions neck and neck to help users select cheaper or quicker transfers—particularly through Asian corridors.
A remittance corridor is the space between two countries between which money flows in and out. Put simply, if money is moving from one country to another, then it will move through a remittance corridor established between the two. The new platform, Send4x claims to cover more than 9,000 corridors spanning 45 sending countries.
Azimo, InstaRem, OrbitRemit, SendFX, TransferWise and WorldFirst were unveiled as the first batch of providers on the platform to start with, and more are intended to join the pool.
Their stated goal is to combat opaque money transfer prices and processes plaguing Asia, particularly in some emerging markets.
CEO of 4xLabs, Chris Vanden Berghe said:
“In Europe, alternatives to traditional banks for remittance have existed for some time. We see this same trend emerging in Asia now with the growing fintech activity and record investments in Southeast Asia. With Send4x, we want to provide price transparency for all these new local providers, neo-banks or even mobile wallets, allowing users to compare cost breakdowns across both modern and traditional players in the money transfer industry, so they can get the best deals.”