MatchMove, a Singapore-based ‘Banking-as-a-Service’ platform, announced the launch of its new remittance platform called RemitSend to enable cost-efficient, cross-border Business to Business (B2B) remittances.
By offering a Software-as-a-Service (SaaS) based subscription pricing model, MatchMove said it is able to help SMEs in Singapore to save up to 80% of their cost when compared to charges currently levied by most banks.
RemitSend is to be able to provide companies faster access to data, transparent transactions and reasonable fees starting as low as S$8.90 per remittance, with no hidden charges or volume pricing. The price is fixed regardless of the amount being sent. Businesses can now remit to five countries, with more corridors on the way.
Commenting on the launch of the new service, Amar Abrol, Chief Commercial Officer of MatchMove said,
“We are excited to launch RemitSend by MatchMove, after months of extensive research and speaking to various groups of SMEs. We do understand the challenges and high costs faced by SMEs as they remit across markets. We see that opportunity in RemitSend by MatchMove to help firms better digitise their remittance capabilities and bring them forward in their digital transformation journey.”
According to a recent report by Google, Temasek, Bain & Company, revenue from digital remittance is estimated to hit US$28 billion by 2025. Current trends suggest that there is already significant demand for cross-border retail and B2B payments will continue to grow in the near future.
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