FINANCIAL SERVICES | Staff Reporter, Singapore

Fintech Firm TranSwap enters UK market

The expansion is in line with efforts to empower global business growth.

Singapore-based fintech firm TranSwap has launched in United Kingdom, the company’s fifth market after Singapore, Hong Kong, Indonesia, and Malaysia.

This giant leap is seen to strengthen TranSwap’s position as one of the leading tech firms in the Asia-Pacific region.

The company said its expansion plan is in line with its efforts to empower global business growth with a secure, cost-effective, and convenient cross-border payment solutions.

"The United Kingdom has been on the cards for years as it is one of the world's leading financial centres and a source of global economic development. Not only is it a gateway into Europe, but it is also a sought-after investment destination for businesses who are instrumental in the country's economic growth,” said Benjamin Wong, co-founder and CEO of TranSwap.

Wong added that businesses can now gain access to international markets through improved payment options with the latest fintech being a game-changer in streamlining cross-border payments. The company aims to simplify the process, especially now that most markets are combating the economic consequences of the pandemic.

TranSwap is set to open a global R&D centre at the University of Edinburgh's Bayes Centre to create a talent pipeline for local graduates and postgraduates to enter the fintech market.

The company envisions itself to create 54 jobs over the next three years, including machine learning engineers and full-stack developers roles to support the firm's market expansion and R&D plans.

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