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| Transwap receives investment and business support from AMTD to spike growth |
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Transwap,
the cross-border payments FinTech start-up and Smart-Space company from
Singapore, announced that it has received a capital injection from the
AMTD Singapore Solidarity Fund Pte. Ltd. (established under the AMTD
ASEAN Solidarity Fund Group). The company was among five innovative
FinTech companies selected from more than 40 contenders to receive
AMTD’s first batch of investments, which amounted to SG$11.5 million.
The news comes hot on the heels of a string of positive new
developments to this burgeoning company. Transwap, which is already
licensed in Singapore, Hong Kong, and Indonesia, recently began
operations in Malaysia and set up an innovation lab at the University of
Edinburgh for product development. At the IFTA FinTech Achievement Awards in September, Transwap received a Platinum Award for the Payment Tech category, in recognition of its suite of innovative financial technology solutions
that are enabling SME customers to seamlessly manage and execute
payments across more than 180 countries with minimal costs and
complexity.
AMTD’s support will give legs to Transwap’s aspirations and
further development. In addition to financial support, Transwap will
gain open access to AMTD’s one-stop digital platform and SpiderNet
ecosystem. This web of key market players, which include tech/internet
companies, financial/investment platforms, FinTech companies, regional
banks, blue-chip enterprises, and educational/professional
organisations, will offer Transwap additional mileage to expand its
business across ASEAN countries, Hong Kong, Mainland China, and the
world.
Benjamin Wong, Co-Founder and CEO of Transwap, appreciated AMTD’s
endorsement: “The funding from AMTD is a vote of confidence regarding
our innovation and growth potential. AMTD’s support will afford us
greater capacity to help SMEs accelerate their digital transformation
and to develop new markets, including the Greater Bay Area which we are
keenly pursuing.” |
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