February 3, 2021
TranSwap, a cross-border payment platform based in Singapore, has officially launched in the United Kingdom – the company’s fifth market after Singapore, Hong Kong, Indonesia and Malaysia, which it entered last year. This global expansion further strengthens TranSwap’s position as one of the leading fintech firms in Asia Pacific and beyond, as part of its efforts to empower global business growth by providing a secure, cost-effective and convenient cross-border payment solution.
Since TranSwap launched in 2017, the company has established a strong presence in Asia Pacific with offices in Singapore, Hong Kong, Indonesia and Malaysia, in line with their vision to fuel business growth globally. The UK is a pivotal market to accelerate TranSwap’s next phase of expansion.
Mr. Benjamin Wong, co-founder and Chief Executive Officer of TranSwap, said, “UK has been on the cards for years as it is one of the world’s leading financial centres and remains a source of global economic development. Besides serving as a strategic gateway into Europe, the UK is also a highly sought-after investment destination for businesses. It has a vibrant, entrepreneurial fintech sector and businesses play a vital role in the country’s economic growth and sustainability. Now, with fintech as a game-changer in streamlining cross-border payments, businesses have the opportunity to overcome the barriers to internationalisation and enter new markets through improved payment options. We seek to make cross-border payments more efficient and cost-effective for individuals and businesses in the UK by simplifying the traditional cross-border payment process. In today’s context especially, it is more crucial than ever to support global trade and help combat the economic consequences of the Covid-19 pandemic.”
Mr. Grant McKenzie, who will spearhead the firm’s operations in the UK as Director & UK Country Head, said, “TranSwap is well-poised for continued growth internationally and I am excited to lead their UK operations. Much like with the rest of the world, businesses in the UK are the backbone of the economy and there is a pressing need to make overseas payments and collections more efficient and cost-effective for them to scale up globally. Covid-19 has created challenges for economies on an unprecedented scale and the knock-on effects of the pandemic have called on businesses to evaluate alternatives to unlock cash flow and ensure business continuity. By providing them with a platform for seamless and cost-effective overseas payments and collections, we hope to help them through improved access to financial services.”
Based in Edinburgh in Scotland, TranSwap aims to open a global research and development (R&D) centre at the University of Edinburgh’s Bayes Centre to create a talent pipeline for both local graduates and post-graduates to enter the rapidly expanding FinTech market with the right skill set. TranSwap will create 54 jobs over the next three years, including high-value digital roles such as Machine Learning Engineers and Full-Stack Developers to support TranSwap’s market expansion and R&D plans.
Ivan McKee MSP, Scottish Government Minister for Trade and Innovation, said, “Today’s positive announcement by TranSwap underlines Scotland’s position at the forefront of global fintech development. The company’s choice of Edinburgh for its new global R&D centre will create high value jobs and is another step towards our goal of being ranked among the world’s top five fintech cluster nations. Digital financial services have an important role to play as we build a sustainable, high skilled and globally competitive economy, and I welcome TranSwap to Scotland.”
Mark Hallan, Director of Global Investment, SDI at Scottish Enterprise, said, “TranSwap is a fast- growing international company that utilises technology to make financial transactions quicker and simpler. Its decision to locate in Edinburgh is a real vote of confidence in Scotland’s fintech sector, which continues to gain worldwide recognition because of our skilled workforce, vibrant tech scene and collaborative cross-sector environment. That is why Digital Financial Services was identified as a key opportunity sector in the Scottish Government’s new inward investment strategy published last year, and our SDI specialists based around the world will continue to bang the drum for Scotland to attract even more fintech companies to our shores.”
TranSwap is already a member of sector organisation, FinTech Scotland. Nicola Anderson, Chief Executive Officer of FinTech Scotland, said, “We are absolutely delighted to welcome TranSwap in the Scottish fintech community. Scotland’s experience in payment technology is going from strength to strength. We continue to see innovations that are world-leading and driving change in the payments sector. TranSwap is a great example of how fintech can facilitate lives for millions of people all around the world, simplifying the way global payments happen. The company has ambitious plans for global growth and we are looking forward to helping them grow their operations in Scotland.”
Launched in 2017 with the aim to empower global business growth and help the undeserved sector, TranSwap has since transformed the cross-border payments process by simplifying overseas payments and collections. Through its wide network of FX partners and proprietary platform, businesses can fulfil payments to more than 180 countries in over 120 currencies. Businesses can also choose to integrate with TranSwap’s API for full automation of multiple transfers, allowing small transfers in large volumes to be credited directly to beneficiaries’ wallets and bank accounts in real- time, thus improving processing speed and optimising settlements. In addition, TranSwap’s Global Borderless Virtual Account service, which was launched in 2020, allows businesses to collect payments in three locations – United States, European Union and United Kingdom – convert currencies and send-cross border payments globally.