Singapore based money transfer firm SingX has raised $4.5m in Series B funding from investors including senior bankers and high net worth individuals from Singapore and Hong Kong, it said in a press release. SingX's first product, fund transfer from Singapore to India, has reached a monthly remittance volume of S$8 million.
SingX's business model lets users save up to 90 per cent in remittance charges when transferring funds to India, Malaysia and Hong Kong, compared with bank transfers. It does this by cutting out cable charges and bank commissions, and offering transparent and live foreign exchange rates. It charges a handling fee made known to the customer upfront. SingX targets white collar individuals and small and medium enterprises (SMEs) as customers. Mr Garg said that customers like the transparency of the platform as it enables them to keep track of live foreign exchange (FX) rates and empowers them to make a transfer when they are comfortable with the FX rate. They also enjoy the ease of transferring money anytime from the convenience of their mobile phones.