Expansion to M’sia, Hong Kong helps SingX raise funding of S$6.3 mln

SINGAPORE: Singapore financial technology start-up SingX, successfully raised S$6.3 million (S$1=RM3.13) in its second round of funding following the expansion of its online remittance services to two new markets, namely Malaysia and Hong Kong.

The company, founded by former American Express banker Atul Garg, has enjoyed brisk business since launching its first product, a cross-border fund transfer from Singapore to India, in January this year.

“The latest funding from our investors will help scale up our business faster, expand to three new geographies and develop a number of other products to meet the global cross-border payment needs of Singaporeans and their companies,” said Garg, SingX’s principal founder and chief executive officer, in a statement yesterday.

Based on its current monthly run rate, after six months of operations, SingX’s online remittance platform would have achieved an annualised run rate of S$100 million.

Investors in the second round of funding or pre-series A include senior bankers and high net worth individuals from Singapore and Hong Kong.

SingX’s online platform is claimed as cheaper, faster and more convenient as it charges consumers a fraction of what they typically pay for overseas money transfers.

Compared to bank transfers, users of SingX save up to 90 per cent in remittance charges when transferring funds to India, Malaysia and Hong Kong.

Garg said that SingX introduced remittances to Malaysia and Hong Kong, as these markets have a considerable amount of cross border payments taking place, because of their long ties with Singapore.

Currently, there are 350,000 Malaysians in Singapore who transfer money back home to pay mortgages, bills, family and other expenses.

SingX’s remittance service to Hong Kong will also appeal to the many Singapore residents who invest in stocks, property and trade with the island and China. — Bernama