Edinburgh, United Kingdom, 10th February 2022 - TranSwap, a Singapore-based FinTech that helps businesses trade globally, announced today that it has received authorisation from the Financial Conduct Authority (FCA) to conduct payment activities as an Electronic Money Institution (EMI) in the United Kingdom.
This EMI authorisation from the UK adds to TranSwap’s existing licences in major Asian markets, including Singapore, Hong Kong and Indonesia, and marks a significant milestone in its global expansion plans.
The EMI authorisation allows TranSwap to offer its comprehensive suite of services, including global payments and collections, borderless digital wallets, cards & spend management, platform-as-a-Service (PaaS) to businesses in the UK, opening up a new market.
With its licensed subsidiaries working together in major financial hubs, as well as its Global R&D Center in Edinburgh, TranSwap is well positioned to provide cutting edge fintech services for its customers globally.
To facilitate UK-APAC trade and investment activities through technology, UK customers can now enjoy high speed and low-cost access to cross-border payments and collections in the vibrant Asian continent, while Asian customers can expand their business overseas and do business like a local in the UK market.
By transcending global business banking, TranSwap shall empower UK companies to expand their markets globally.
TranSwap was supported in its decision to locate in Edinburgh in 2021 by Scottish Development International (SDI) representatives based in Scotland, Singapore and Hong Kong, who worked with the company and introduced them to key stakeholders in Scotland.
Scottish Government Trade Minister Ivan McKee said: “This is a significant development for TranSwap and a further indication of the strength and level of innovation in Scotland’s globally competitive fintech sector.
“By receiving EMI authorisation, TranSwap will be in a position to support Scottish companies active in south east Asia and those looking to expand into this important market.”
Commenting on the significant milestone, Benjamin Wong, Chief Executive Officer of TranSwap said, “We are excited to receive the EMI authorisation in the UK to scale our international business banking services for our existing customers and partners in Asia and potential customers in the UK. We very much looking forward to becoming the global business banking partner for businesses that are currently trading between Asia, UK and Europe.”
This sentiment was further echoed by Grant McKenzie, UK Country Head of TranSwap who said “We’re very fortunate to have the services of such a talented team. Over the past year, it has been our priority to enter the UK market and take our first steps into Europe. We are thrilled by our achievements as a business this far and look forward to another exciting chapter TranSwap’s journey.”
Appreciating TranSwap’s agile practices since its inception, Nicola Anderson, Chief Executive Officer of Fintech Scotland said, “The fintech sector is adept at modifying business models and adapting in order to achieve better products and services. TranSwap brings new experiences to the FinTech Scotland community and consistently demonstrates its abilities across different international markets. We’re delighted to work with them and look forward to their successes.”
Mark Hallan, Director of Global Investment at SDI added: “This is an important milestone for TranSwap and will aid the company’s global growth ambitions.
“SDI was delighted to support TranSwap on its decision to locate in Edinburgh, highlighting the strengths of Scotland’s fintech sector, including our skilled workforce, vibrant tech scene and collaborative cross-sector environment. We look forward to continuing to work with TranSwap as the company develops its global presence.”