Budget 2021: TranSwap’s effort in supporting the Singapore government’s initiatives

The economic state of Singapore will be positively impacted by Budget 2021

Covid-19 is still a far cry from over. The course of action towards the global pandemic will dictate the immediate direction of Singapore’s overall economic recovery. As a small, open economy, the nation’s economic recovery relies heavily on how the political environment works. As such, the integration of Budget 2021 puts the nation's financial resources to help us build a better future.

The theme of Singapore’s Budget 2021 is “Emerging Stronger,” it is meant to build a stronger nation that will achieve the following:

  • A nation that is economically fruitful in regards to providing quality job opportunities for the mass.  
  • A nation that is driven by the community.
  • A nation that is green and sustainable.
  • A nation that has the right resources to enable continued stability and progress.

Here are 5 ways how TranSwap will be contributing to the cause

1. Enhance Singapore’s digital connectivity

TranSwap strives to become a digital hub across the ASEAN region through simple, fast and seamless payment linkages. With offices in Singapore, Indonesia, Hong Kong and Malaysia as well as a global network of partnered banks, our platform's centralised repository will serve to promote global financing and guarantee that international payments and collections remain cost-effective and user-friendly for all businesses and workers.

It is also noteworthy that the future plans of TranSwap consist of working with educational institutions through collaborative efforts and partnerships to further strengthen our relationship with the ASEAN region.

2. Constantly provide quality cybersecurity

Privacy and data security are top priorities as the increase of digitalisation put greater stress on cybersecurity measures. The company adheres to the best practises in safeguarding the information of our businesses and customers.

Payment firms need to ensure that their interface and processes are well-coordinated to provide their customers peace of mind. In this case, TranSwap is fully regulated and licensed in Singapore, Hong Kong and Indonesia. We also have a very strict compliance process in place to deal with anti-money laundering and terrorist financing.

3. Continuously support SMEs

SMEs have always played a significant role in economic development and sustainability. They also play a tremendous part in financial inclusion. However, we recognise that SMEs have various troubles in regards to cross-border payments mainly due to currency fluctuations and the inability to maximise the use of their cash flow.

Efficiency in international payments is more essential than ever, as e-commerce is becoming a critical instrument for retailers to expand their role in international trade. SMEs are faced with limited resources and time. Thus, TranSwap aims to fill this gap in the cross-border payment area by offering remedies to broaden their horizons.

For example, our payment solution has also been developed with API integration which enables small transfers in large volumes to be credited directly to beneficiaries’ wallets and bank accounts in real-time, drastically improving processing speed and optimising settlements, which is crucial in maintaining a healthy cash flow.

Some other remedies we offer include our Global Account, which was developed last year. It allows businesses to retrieve and hold funds at three locations - the United States, the European Union and the United Kingdom - to convert currencies and send cross-border payments globally.

It was developed to combat the lack of transparency in these transactions to help SMEs effectively navigate fees and foreign exchange rate conversions. They will also be able to manage their cash flows much more smoothly, which will give them a competitive edge in the local markets.

4. The role of future-proofing the economy

As a major fintech player, the streamlining of cross-border payments paves the way to internationalisation and entry to new markets through improved modes of payments. The main goal is to innovate and support global trades and investments to empower local businesses in their journey to globalise through our solutions.

TranSwap has successfully unveiled the global Research & Development centre in the United Kingdom, initially based in the Bayes Centre, part of the University of Edinburgh, to boost productivity. This will encourage the adoption of artificial intelligence, machine learning and natural language processing to help businesses handle money in 180 countries paired with 120 currencies.

5. To become environmentally responsible

TranSwap plans to engage its employees and community to increase sustainability through environmentally-friendly policies. To kickstart this goal, the company will be hosting its first beach clean-up event in March, inviting both TranSwap employees and customers to participate. This event is intended to educate people on the severity of climate change that is contributed by the daily waste of plastics.

This will hopefully implement a healthy coastal ecosystem that residents of Singapore will strive to honour and preserve. We also aim to encourage the practice of going digital whenever possible. The increase of digitalisation will reduce the waste of single-use products.

As we continue to strive for a nation that is economically, environmentally and socially responsible, you too can opt to use TranSwap as an alternative to sending money overseas. This will not only encourage digitalisation but also help preserve the environment. For further enquiries on TranSwap’s services, send your questions here or visit our website at transwap.com.

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