It all started during the Asian Financial Crisis in 1997. Benjamin Wong had a US Dollar currency exposure and wanted to hedge it with a FX forward contract. However, when Ben approached the bank, the premium they quoted him was ridiculously expensive and the spread for the spot rate was too huge.
Fortunately, Ben had a friend overseas who needed to exchange his US Dollars for Singapore Dollars. Ben and his friend agreed to swap their respective currencies at an agreed rate.
This simple swap gave Ben the idea for a cross-border financial exchange. Unfortunately, Ben’s options were limited. Technology and regulations in 1997 were still too primitive for fintech innovation.
Fast forward to the opening of the fintech space, which had gained acceptance by international regulatory authorities, especially in the UK & Euro Zone. This reignited Ben’s passion to start up a cross-border fintech payment platform to solve the FX problems that he and many other SMEs faced in their daily operations.
Today, TranSwap has offices in 6 different countries and continues its rapid expansion worldwide.
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