SingX, a home-grown Fintech startup, aims to disrupt the cross-border payments industry. Currently, cross-border payments can incur fees of up to 8% due to hidden costs such as foreign exchange markups, cable charges and bank commissions. Moreover, it is time-consuming for customers to physically travel to a bank to make payments. SingX’s online platform is cheaper, faster and more convenient as it charges consumers only a fraction of what current providers charge. SingX’s proprietary platform significantly improves the customer experience by enabling consumers to register and make payments digitally. The SingX technology delivers payments faster by disintermediating SWIFT and the corresponding banking network used by current providers. Its first product, remittances, was launched in mid-January 2017 and currently offers money transfers from Singapore to India, Malaysia and Hong Kong.

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