August 25, 2020
Singapore cross-border payments firm TranSwap has been awarded the Platinum Award for Payment Tech category at the prestigious IFTA FinTech Achievement Awards. Video-streamed on 24 September 2020, the award showcases and celebrates the extraordinary achievements made by corporations, NGOs, start-ups, and individuals in the Finance and Technology industry.
TranSwap is one of 7 awardees under the Payment Tech category that were recognised at the award ceremony. The award recognised 41 award winners in total, spanning 21 categories which include Artificial Intelligence, Blockchain-based Transformation, Digital Banking and more who have demonstrated leadership and significant contributions in Fintech.
The Singapore firm emerged as the Platinum Award winner for the Payment Tech category, where it excelled in at least 9 out of 12 criteria necessary for outstanding achievement and efforts in FinTech.
Launched in 2017 to tackle the pain points in making international payments, TranSwap has transformed the traditional cross-border payments process. Through the FinTech platform, businesses can send money to over 180 countries in over 120 currencies, and 60 local payment rails and auto clearing houses – at lower costs and transparent rates and fees. TranSwap soon expanded its business to its third market Indonesia and rolled out new innovative services for remittance. Just recently, the AMTD ASEAN Solidarity Fund Group announced its investment in TranSwap. TranSwap plans to use the investment to accelerate product innovation and drive regional expansion.
Mr. Benjamin Wong, CEO and co-founder of TranSwap, shared “We are humbled by the acknowledgement of our contributions to Hong Kong’s burgeoning FinTech industry. Many businesses still suffer from expensive and opaque money transfers which impede their growth and development. With our cross-border payments platform, businesses will benefit from more convenient, faster and less costly cross-border business payments. Coupled with our suite of innovative financial technology solutions, we are serving the evolving business needs of our customers in the areas of financial automation and treasury management with the ultimate aim of making payment and collection seamless and accessible.”
The award is organised by the Institute of Financial Technologist of Asia, a non-profit organisation established in Hong Kong with the purpose of creating an ecosystem for global fintech talents to be connected. This year’s theme “Transforming FinTech Communities with Competence, Character, and Care” set the tone for the award in highlighting corporates and individuals who have showed remarkable efforts to grow the Fintech industry.