Currencycloud Partners in Singapore with Ant Financial-Backed Payment Startupby Fintech News Singapore October 7, 2020
Wallex, a Singaporean cross border payments startup backed by Ant Financial, has expanded its partnership with Currencycloud, a global payments platform, to deliver a new range of collections services for their Asian customers in Singapore.
The partnership using Currencycloud Spark will enable Wallex’s Singapore and Hong Kong customers to collect funds in USD, GBP and Euro via local payment channels, enabling them to expand and be more competitive in overseas markets.
Previously customers would need to use regional banks for these collections, or require international payments to be made, incurring as much as 1.5% foreign exchange charges, as well as conversion and payment fees for every transaction, making the process laborious and expensive.
By integrating Currencycloud Spark, Wallex customers will be able to hold these three currencies, and 11 others, simultaneously in a single account. Customers receive the funds within minutes and can choose to hold, convert, withdraw or make international payments when the time and rates suits them.
As a result, Wallex’s customers will be able to save both time and money, while adding a level of convenience that will make cross-border payments easier.
Anthony Man, Chief Commercial Officer and Country Head of Singapore for Wallex felt that “being able to add USD, GBP and Euro collections for their customers will bring a fundamental change”.
Mike Laven, Chief Executive Officer at Currencycloud commented,
“What we are doing with Wallex is a perfect example of the benefits that Currencycloud Spark brings to our clients and their customers – convenience, control and cost-savings. We’re looking forward to growing our partnership with Wallex.”
The integration is complete and Wallex customers can take advantage of this new service from October 7, 2020 onwards.