Fresh off US$100 M Funding Rapyd Secures Remittance License in Singaporeby Fintechnews Singapore October 8, 2019
Fintech-as-a-Service platform Rapyd obtained a Remittance licence by the Monetary Authority of Singapore (MAS). The remittance licence will enable Rapyd’s corporate customers to extend remittance capabilities to their users, allowing them to send and receive money to and from over 100 countries internationally.
Historically, companies wanting to deliver either traditional personal cross-border remittances or innovative solutions, such as payments to freelancers, marketplace payments, or B2B settlements, have had to build their own remittance infrastructure by signing individual bilateral agreements in the recipient countries, or rely purely on banking infrastructure to provide bank-to-bank money transfers.
Rapyd’s Fintech-as-a-service platform is uniquely built to eliminate this resource-heavy infrastructure requirement and allow businesses to integrate remittance services through Rapyd’s API or Software Development Kit (SDK). This provides businesses with fully compliant access to remittance services that cover all stages of the remittance flow: funds top-up, identity verification, blocking of suspicious transactions, and sending money safely and quickly overseas to over 100 countries, in more than 160 different currencies.
The Rapyd Global Payments Network, a flexible network-of-networks that connects local payments providers globally, enables Rapyd to offer remittances into multiple local payment options around the world, local bank accounts, eWallets, such as Indonesia’s Doku wallet, Sri Lanka’s eZCash, Philippines’ GCash, local debit cards, cash pickup, or other local payments methods to receive funds.
This simple integration and access to the Rapyd platform will accelerate additional waves of innovation in Singapore and enable:
- Next-generation consumer “super apps” to offer cross-border remittance services at scale,
- Better service for overseas workers sending money home,
- Faster and cheaper overseas payments for tuition and other high-value payments,
- Cross-border trade operations for shipping, logistics and supply chain ecosystems,
- Faster and more efficient cross-border payments for small and medium businesses.
“We’re excited to receive the remittance licence from MAS. Singapore is a very important technology and business hub for Rapyd as we expand our business across the region. Being able to operate and scale our remittance services in full compliance with local regulation is critical for us,”
said Joel Yarbrough, Vice President for Rapyd in Asia Pacific.
“We believe that Rapyd enables a revolutionary level of payment innovation – eliminating the need for companies to invest in payment infrastructure. The same way as Amazon enabled businesses to move their infrastructure to the cloud with AWS and scale faster internationally and with lower overhead costs, Rapyd provides cloud-based, easy to implement Fintech-as-a-service solutions to any company that wants to enhance its Fintech capabilities.
This move signals Rapyd’s increasing focus on the Asia Pacific region. The announcement of the remittance licence follows its partnership announcements with OCBC Bank in Singapore and its collaboration with Hong Kong’s TNG Fintech Group.
Rapyd announced in October 2019 that the company received $100 million in Series C funding, led by Oak HC/FT with participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital.
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