TranSwap's CEO & Co-Founder on Conceiving the Big Idea & Keeping Its Success During the Pandemic

TranSwap is more than just a payment company. Discover what motivates TranSwap to innovate and provide better financial solutions for SMEs

2021 has been a fruitful year for TranSwap. Despite the challenges posed by the pandemic, TranSwap has successfully expanded its reach to multiple countries and is continuously breaking boundaries to forge new paths into new frontiers with its R&D. As the adage goes, “Rome wasn’t built in a day.” It takes patience, persistence, and a positive attitude to be successful.

In fact, TranSwap was born as a solution to a problem our CEO and co-founder, Benjamin Wong, faced back in the early 2000s when the hedging costs and bank charges were exorbitant for international remittance. But in the midst of every crisis, lies great opportunities—and in the case of Benjamin, he was inspired to swap currencies with a friend who was living abroad. The currency swap was done as a private deal because the regulations were not yet introduced at the time, and the technology and internet were not equipped for such activities.

TranSwap as a solution for SMEs

There was a huge gap in the market for Small and Medium-Sized Enterprises (SMEs) and individuals who did not receive VIP treatments from financial institutions. Being a small enterprise, SMEs do not have the bargaining power to address payments and are oftentimes dismissed of good rates from the banks.

Realising these pain points, TranSwap’s financial solutions are designed to help SMEs digitalise and address payments. SMEs must find the right partnership that can help them to level the playing field, and as a global payment infrastructure that facilitates payments and collections for enterprises, financial institutions, and businesses, SMEs can now seamlessly pay and collect with TranSwap.

Every business transaction requires payment and collection. And these are some of the financial solutions provided by TranSwap:

  • Global Account – Hold and convert up to 34 currencies whenever the rates are favourable.
  • Payments – Globalise your business and easily make payments overseas at a lower cost.
  • Collections – Collect funds seamlessly in local currency, using local payment rails.
  • Conversion – Protect your business from foreign exchange exposure and convert strategically.

E-commerce has been creating multiple opportunities for SMEs to globalise. And with an increase in e-commerce sales, there is substantial market growth for SMEs to increase revenue streams and achieve a wider reach (“More Small Businesses Enabled to Go Global,” 2019). TranSwap’s mission in actualising these opportunities is to assist SMEs’ expansion in the international market. If you are considering going global, there are a few things you should consider before making the big move.

How TranSwap managed to keep its success during the pandemic

According to our CEO and Co-Founder, Benjamin Wong, TranSwap has had its fair share of obstacles during its early stages—when obtaining the license to operate, being validated by venture capital, and getting a grant from the National Research Foundation. And just like any other businesses that were affected by the pandemic, TranSwap was not an exception.

However, as expected from a digital financial solution provider, TranSwap is constantly changing at a very fast pace. We managed to grow substantially over the past year with new products and three new offices, placing us in six countries—Singapore, Indonesia, Hong Kong, United Kingdom, Malaysia, and Vietnam. TranSwap is also partnering and collaborating with 80 banks and Fintech companies to provide better solutions for its customers. This sizeable success was made possible as the team digitalised their work and communications.

On 3 February 2021, TranSwap officially launched a global R&D centre in Scotland, United Kingdom and is expected to create 54 jobs over the next three years. Being one of the world’s leading financial centres that serve as a strategic gateway into Europe, the UK was the perfect destination for TranSwap to innovate its products and solutions. TranSwap has also begun operations and established an R&D partnership with its R&D Centre from the Bayes Centre at the University of Edinburgh, an academic institution known for its innovation advancements and data scientists. As a fintech company, TranSwap aspires to be innovative in every solution and product they produce.

The future of TranSwap

Meet our UK team, from left to right, Grant McKenzie, Jenny Dickie, Stuart Lockhart, Janice Liu, Jack Miles, Mairi Baillie, and Sanjay Rakshit

TranSwap is more than just a payment company. As of now, TranSwap is expecting to get more licenses in more countries, particularly in the UK and Europe, and is also planning to introduce new products that offer more seamless integration for its customers. The team at TranSwap is also working tirelessly to roll out more offices globally to further assist our customers’ efforts to globalise their businesses.

“When the winds of change blow, some people build walls, others build windmills”  - Chinese Proverb

Keeping a business afloat in challenging times can be difficult, especially for SMEs, but extra attention to detail can help ensure that a business survives. As a piece of advice from our CEO and co-founder, take this opportunity to digitalise with TranSwap. Thanks to technology, engaging in the global marketplace has never been easier. And we are here to assist and grow with you. Like the old adage above, let’s take this opportunity to catch the wind and move forward!

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