The new office will serve as a hub to drive the UK-based fintech’s expansion throughout the wider region. Asia has a giant payments market. According to a McKinsey study, it is already the largest contributor to global payments revenue and is expected to surpass USD 1 trillion by 2023. COVID-19 has created a surge in digital payments, generating an urgent demand for even more cross-border payments. 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.
Currencycloud processes over USD 3 billion in international payments each month and Asia-Pacific is one of its fastest-growing regions, with associated transaction volumes trebling across its platform in 2020. It already names many of the region’s most innovative brands as clients, including TranSwap, NIUM, Wallex, XTransfer, WireBarley, PicoPay, CurrenC & Geoswift. The company expects to hire double digit number of employees by the end of 2021 and is applying for a licence with the Monetary Authority of Singapore.
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