SINGAPORE – Singapore’s fintech firms are expanding their services and operations despite facing competition from the banking sector and even as they experience a decrease in funding due to macroeconomic headwinds. Read more at straitstimes.com.
SINGAPORE – Singapore’s fintech firms are expanding their services and operations despite facing competition from the banking sector and even as they experience a decrease in funding due to macroeconomic headwinds.
Payments is a broad term referring to the transfer of funds for various transactions, while remittance is specifically a cross-border money transfer, either between individuals or businesses. “Banks are not really interested in dealing with small-value flows as their cost and effort are similar for all transaction sizes, and they can roll out the red carpet for larger customers and flows.”
“Traditional ways of sending money abroad through a bank involves moving funds through intermediary banks across countries. This is slow and inefficient,” she said.Revolut to take on local fintech players with super app that meets every finance need “This gives rise to an increase in demand for cross-border money transfers and remittance services not just from businesses but also from individuals,” she said.
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