FXC Intelligence, a knowledge platform specializing within the cross-border cost and e-commerce sectors, has launched its annual collection of the world’s most promising cross-border funds firms in 2024.
This 12 months, the record spotlights six firms from Asia, recognizing them for his or her speedy development, rising market significance, and powerful potential for future success.
FXC Intelligence’s International Most Promising Cross-Border Funds Corporations 2024 highlights rising gamers within the worldwide funds area. These gamers are smaller in scale than these featured within the Prime 100 Cross-Border Cost Corporations, however are experiencing notable development.
The 24 firms chosen within the 2024 record had been chosen from an evaluation of up-and-coming worldwide cost firms spanning areas world wide. These firms achieved important milestones this 12 months, securing monetary backing from main trade stakeholders, attaining sturdy monetary outcomes, rising their headcount, or altering govt management to mirror a brand new firm technique.
Singapore: A Hub of Cross-Border Cost Leaders
Among the many International Most Promising Cross-Border Funds Corporations 2024, six hail from Asia, with Singapore main the pack with 4 firms, adopted by Hong Kong and Thailand, with one every.
One among Singapore’s entries is Partior. Based in 2021, Partior makes use of blockchain know-how to rework clearing and settlement, and redefine the way in which worth strikes globally. The corporate operates a blockchain-based unified ledger for funds, enabling real-time clearing and settlement for fast liquidity and transparency, and overcoming challenges generally related to sequential processing in legacy cost techniques, together with settlement delays, restricted transaction transparency and excessive working prices.
Partior’s platform is stay with distinguished currencies, akin to USD, EUR and SGD, and is utilized by main banks and companies, together with DBS, JP Morgan, Commonplace Chartered, Siemens and iFAST Monetary.
One other firm from Singapore featured on the record is Tazapay. Established in 2021, Tazapay is a frontrunner in cross-border cost options, serving small and medium-sized enterprises (SMEs) and business-to-business (B2B) marketplaces from world wide. The corporate offers options akin to checkout, cost hyperlinks and escrow providers to simplify worldwide transactions and cut back dangers for each consumers and sellers. Its platform covers funds in 173+ international locations with native cost choices in 70+ markets and gives world enterprise accounts in 60+ currencies.
Tazapay has achieved important milestones these previous years, securing a Main Cost Establishment (MPI) license from the Financial Authority of Singapore (MAS) in 2023, being included within the 2023 CB Insights’ Fintech 100 record, and securing a US$16.9 million Collection A funding spherical led by Sequoia Capital Southeast Asia. The corporate is now seeking to scale its enterprise throughout Asia, in addition to develop into the Center East and Europe.
Triple-A is one other Singaporean firm included in FXC Intelligence’s International Most Promising Cross-Border Funds Corporations 2024 record. Triple-A is a digital foreign money cost establishment that enables companies to pay and receives a commission in each conventional and digital currencies, volatility-free. From API to no-code integration, the corporate’s frictionless, white-label cost options are designed to mix easily into present enterprise operations, all whereas upholding the best requirements of safety and compliance.
Triple-A is licensed by MAS in Singapore and Banque de France within the European Union. It’s additionally registered with the US Monetary Crimes Enforcement Community (FinCEN). It claims greater than 20,000 enterprise prospects.
The fourth and final Singaporean firm featured on the record is YouTrip. Based in 2016, YouTrip is a cell monetary platform that gives a multi-currency cell pockets and a contactless Mastercard to make funds in over 150 currencies with no charges. YouTrip doesn’t cost any transaction charges nor dynamic foreign money conversion charges, and claims affordable alternate charges. The corporate prioritizes seamless and safe person experiences, emphasizing transparency, real-time notifications, 24/7 buyer assist, and strong fraud safety mechanisms.
In 2023, YouTrip acquired tens of millions of customers throughout Southeast Asia and showcased strong enterprise metrics, attaining 180% income development year-on-year (YoY) and reaching profitability objectives, Juthasree Kuvinichkul, founding associate of YouTrip Thailand, advised the Bangkok Publish. The corporate recorded a complete cost quantity of round US$10 billion. In 2024, YouTrip continued its development trajectory, reporting an 80% YoY improve in spending on its platform, pushed by markets in Singapore and Thailand within the journey, e-commerce and insurance coverage classes.
Ascend Cash and Currenxie Acknowledged for his or her Progress
Moreover Singapore, Thailand is one other nation represented on this 12 months’s International Most Promising Cross-Border Funds Corporations 2024 record by way of Ascend Cash. The fintech arm of Charoen Pokphand Group, Ascend Cash is Thailand’s largest digital monetary providers supplier and a distinguished fintech participant in Southeast Asia, serving additionally Cambodia, Myanmar, Vietnam, Philippines, Indonesia and Malaysia.
Ascend Cash’s flagship TrueMoney platform gives a variety of economic options, together with e-payment, lending, purchase now, pay later (BNPL), funding and insurance coverage, serving a broad buyer base by way of an intensive community and strategic partnerships with main firms, companies, and retailers in each on-line and offline landscapes.
Ascend Cash says it has processed US$14 billion value of transactions throughout Southeast Asia up to now, and claims 50 million prospects, 21 million e-wallet customers and a community of 88,000 brokers throughout seven international locations.
Lastly, the final Asian participant within the record is Hong Kong’s Currenxie. Based in 2014, Currenxie offers companies with a complete resolution to gather, alternate and ship cash worldwide. By means of its Platform API, enterprises and monetary suppliers can entry Currenxie’s cost community to gather, alternate and pay out world wide at scale. For companies looking for a easy, all-in-one resolution, Currenxie’s International Account gives an easy web site and cell app that offers them entry to worldwide digital accounts, overseas alternate and financial institution transfers. Currenxie additionally helps companies by integrating in style cost strategies like BNPL providers, permitting firms to succeed in a broader viewers.
Currenxie claims greater than 12,000 shoppers and over US$15 billion in funds moved.
Featured picture credit score: edited from freepik
