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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 of US$200,000 from the AMTD Singapore Solidarity Fund. The company was among five innovative FinTech companies to receive AMTD’s first batch of investments, which were selected from more than 40 contenders.
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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