NRI-owned financial start-up expands ops to Malaysia, HK

A financial technology start-up founded by a Singapore-based NRI has raised USD 4.5 million in its second round of funding as it expands its online remittance services to two new markets of Malaysia and Hong Kong, a company official said today.

"SingX has enjoyed brisk business since it launched its first product, cross-border fund transfer from Singapore to India, in January this year," Atul Garg, the company's Principal Founder and Chief Executive, said today.

SingX's platform allows Small and Medium Enterprises (SMEs) with business ties in India and Hong Kong to make cross border payments.

"We aim to achieve SGD250 million by end of this year," added Garg, a former American Express banker who launched SingX here in January this year.

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 SGD 100 million.

The company has also raised USD 4.5 million (S$6.3 million) in its second round of funding as it expands its online remittance services to two new markets -- Malaysia and Hong Kong.

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

Licensed by the Monetary Authority of Singapore, SingX Singapore targets individuals and Small and Medium Enterprises.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)