Currencycloud to Drive Regional Growth From Singapore
The U.K. fintech has launched operations in the city-state, where it hopes to drive expansion in Asia Pacific.
Currencycloud, which provides B2B embedded cross-border solutions, has hired Rohit Narang as its managing director for the region, according to an announcement on Thursday.
Narang is the co-founder and and former COO of Trusting Social, a big data analytics firm specializing in credit scoring on alternate data. He previously spent nearly 20 years in investment banking and private equity, including at Deutsche Bank and Goldman Sachs, where he set up multiple new businesses across India and South-East Asia.
Asia Opportunity
Asia-Pacific is one of Currencycloud's fastest-growing regions, with associated transaction volumes trebling across its platform in 2020. It now processes over $3 billion in international payments each month.
«Covid-19 has created a surge in digital payments, generating an urgent demand for even more seamless cross-border payments,» Currencycloud said, citing McKinsey data that Asia's payments market is expected to surpass $1 trillion by 2023
New HQ
The new office will allow Currencycloud to provide on-the-ground support for existing customers while bringing its embedded solutions to even more Fintechs, banks and financial institutions.
Singapore will be the London-based fintech's regional headquarters, and Currencycloud expects to hire a double-digit number of employees by the end of 2021 to support its expansion drive. The company is also applying for a license with the Monetary Authority of Singapore, the announcement said.
Its clients in the region include TranSwap, Nium, Wallex, XTransfer, WireBarley, PicoPay, CurrenC and Geoswift.
