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Vol. 143 Aug 2020
TranSwap enables Hong Kong and Singapore companies to open virtual accounts in Europe
Cross-border remittances can be a hassle for businesses, especially for SMEs. The fees are high, the rates may not be favourable, and the process cumbersome and slow.

Smart-Space company TranSwap is a cross-border payments platform licensed in Singapore, Hong Kong, and Indonesia, dedicated to allaying these pain points for businesses clients. It enables customers to seamlessly manage and execute payments globally and enjoy reduced FX costs and complexity. With a proprietary online transaction portal and a wide network of FX partners in more than 180 countries, the company makes cross-border payments cheaper, faster, safer, more transparent, and more convenient.

Recently, TranSwap launched a new offering called the Global Borderless Virtual Account. This service allows customers to open virtual bank accounts in the US, the UK, and the European Union without having to establish physical entities there. Users can conveniently hold 34 currencies, collect payments, convert foreign currencies, and send cross-border payments to more than 180 countries.

The company is also working on a suite of financial automation tools to assist in the management of account receivables and account payables. Customers will be able to seamlessly consolidate and generate invoices and manage expenses from multiple accounts on TranSwap’s platform to gain greater control over their business finances.

Security and regulatory oversight features are baked in. Additionally, customer funds are deposited into segregated accounts and do not form part of TranSwap’s assets, which further safeguards the interests of customers.

If you are interested in opening an account or learning more about Transwap’s services, please visit www.transwap.com.
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