Singapore foreign exchange site launches remittance comparison service

First they made comparing money changers’ forex rates easy; now comparing remittance rates online is a cinch too.

On 4 Nov this year, Global eTrade Services (GeTS) announced its partnership with a Singapore-based global cross-border payments network for emerging markets, Thunes, to facilitate better cross-border payments for customers using the global supply chain platform CALISTA.

Thunes’ network enables its partners to move funds in and out of emerging markets, all in real-time, making financial services accessible in more than 80 countries and 60 currencies, and the platform has processed over USD$6bn to date.

At the retail level in Asia, where there is constant demand for converting currencies at the best rates for remittance and other purposes across borders, technology is again racking up the competition.

On 5 Nov, CashChanger.co, a popular crowd-sourcing web service for comparing money-exchange rates, added a remittance comparison service for its users, with all-in-rates, to help millions of foreign workers compare, select and use the best and safest all-in rates when remitting their earnings.

The service, linked to World Remit, Instarem, World First, banks and offline remittance partners, is expected to serve millions of users in the region every year. Earlier this year, CashChanger.co had closed its seed round of funding with four investors in the Fintech, Regtech, and digital payments space, and had added 400 locations in Japan on top of Thailand and Malaysia.

Kenneth Goh, General Manager of Cash Changer Pte Ltd, said the remittance comparison service will further enhance value for its users in a familiar environment and democratize the choice of remittance rates. “We want to bridge the experience and deliver value to CashChanger remit users, and help them to save consistently and repeatedly,” he added.

By the first quarter of 2020, CashChanger intends to line up its highly anticipated app with digital payment and transaction support. It also hopes to inject further funding by Series A investors to scale the business globally.