Currencycloud, a leading provider of multi-currency financial services, is aiming to expand its presence in the Asia Pacific (APAC) region, following its recent in-principle approval for a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
As the number of investors in the region continues to grow, wealthtechs need to cater to the demand and accept the client’s funds in a seamless, transparent, easy and automated.
Maximising revenue streams by building an optimised payments infrastructure, where funds are settled to executive brokers through local payment rails, and reconciliation processes are streamlined, is critical for the success of APAC’s wealthtechs.
On this, Currencycloud is able to help these wealthtechs to collect funds from investors, convert these at competitive rates, and deploy them to execution brokers in the US and beyond, quickly and cheaply – all through best-in-class APIs.
Obtaining the MPI license marks a pivotal milestone in the company’s strategic growth within one of the world’s most dynamic financial markets as it aligns with Currencycloud’s strategic approach geared towards simplifying global business operations in a multi-currency environment.
“Following the recent in-principle approval (IPA) for an MPI license by the Monetary Authority of Singapore MAS, Currencycloud is now working towards fulfilling its IPA conditions,” stated Currencycloud Managing Director for APAC, Rohit Narang.
Once the MAS grants the full license, Currencycloud will be able to offer a comprehensive range of intra-regional and global payment services to businesses in Singapore.
According to Narang, the company facilitates seamless payments for customers across 180 countries and territories. Hence, the MPI license will further enhance these capabilities, particularly in expediting intra-Asia and east-to-west payments.
“Once the MPI license is granted, Currencycloud will further enhance its capabilities, expediting intra-Asia and east-to-west payments processing, so businesses can enjoy faster payment times,” Narang explained.
The Importance of Compliance and Partnerships
Navigating the complex regulatory environments across the Asia-Pacific region is a significant challenge. To address this, Currencycloud has implemented a resilient compliance framework.
“We’ve taken a comprehensive approach that incorporates robust regulatory controls into our operational infrastructure. Recognising the increasing emphasis on security within regulatory frameworks, we have also invested in measures that effectively safeguard our customers’ data,” Narang explained in an interview with The Exchange Asia.
Narang also stated that scaling services across a vast and diverse region like APAC involves navigating a multitude of regulatory environments. Having that in mind, Currencycloud has expert regulatory and compliance teams, not just for APAC but across the world, ensuring that we adhere to the compliance terms in each of these markets,” said Narang.
Furthermore, Currencycloud is poised to introduce new payment services and features once the MPI license gets approved.
“Currencycloud will continue to develop new products and services that will expedite the processing of intra-Asia and east-to-west payments, empowering businesses in APAC to succeed in today’s interconnected and digital economy,” he added.
Being in such a rapidly evolving fintech landscape, Currencycloud differentiates itself through innovation and strategic partnerships. This is why the company has also launched innovative features such as Weekend FX and real-time FX to improve the speed and transparency of international transactions.
Currencycloud has also collaborated with Shanghai-based Fuiou Pay and expanded its network by working with TangoPay and Paysend in Europe, as well as E9pay in South Korea.
Following the recent granting of an Australia Financial Services Licence, the company is set to expand its footprint in Australia.
“The securing of the Australia Financial Services Licence in June 2022 marks a significant milestone in our growth strategy,” Narang highlighted.
It also expanded its team in Australia to bolster its efforts to drive business growth and deliver innovative fintech solutions.
Narang explained that partnerships with local financial institutions and fintech companies are central to Currencycloud’s strategy for regional expansion.
“Our partnership approach is built on mutual collaboration and growth. One notable example is our partnership with Singapore-based start-up neobank (known as) OPAL, to offer domestic and cross-border payments, payment accounts, and e-money,” he continued.
Currencycloud’s Future Vision in Payments and Security
Looking ahead, Currencycloud is focused on harnessing emerging technologies such as blockchain and digital currencies to transform cross-border payments. “We foresee blockchain playing a pivotal role in revolutionising payments, particularly through digitalising tokenised money and using smart contracts to eliminate intermediaries,” said Narang.
Amid rising cyber threats, the company prioritises on enhancing its security offerings by taking proactive measures to mitigate security risks, adhering to best practices to minimise downtime and sustain daily operations.
“Our high-security framework adheres to the ‘four nines’ industry standard of availability, ensuring Currencycloud clients and partners are protected and confident in the integrity of their transactions and data,” Narang added.
Meanwhile, Narang envisions significant changes in the cross-border payments landscape, driven by macro trends such as the consumerisation of B2B payments and the evolution of digital payment options.
“APAC presents a massive more than US$40 trillion (RM188.28 trillion) opportunity in commercial money movement,” Narang noted.
Due to this, he sees the future of cross-border payments being shaped by trends like the consumerisation of B2B payments, digital wallets, and ongoing developments in the payments ecosystem.
Therefore, by fostering innovation and strategic partnerships, Currencycloud aims to stay at the forefront of the industry, delivering robust financial solutions that meet the evolving needs of businesses across the APAC region.
