- Thunes, which is a provider of money transfer services in Singapore, has announced that it has purchased a big share in a compliance business for US$20m.
- It has purchased Tookitaki, which is an anti-money laundering and compliance company also based in Singapore – and the move is set to mean that customers of Thunes can now access these services.
- “This alliance will give all Thunes customers access to next-generation tech compliance systems, reducing the cost of transferring money across borders,” said a senior figure at Thunes.
Thunes, an online money transfer firm in Singapore, has announced that it has purchased a majority share in a compliance business.
Thunes said that it had purchased Tookitaki, which is an anti-money laundering and compliance tech firm.
It is understood that Thunes paid US$20m to do this.
The new move will mean that the Tookitaki service will be available to customers across Thunes’ international network.
It is thought that this will mean that clients of Thunes will be able to put into place more effective compliance processes.
At present, customers of Thunes include Western Union and Remitly.
Also on the books is MoneyGram and Revolut, which is a neobank.
The company is known for having a high volume of transactions.
In total, it is believed that the firm tracks more than 180 million transactions every single year.
The addition of Tookitaki, which is also located in Singapore, is interesting in the context of the firm’s history.
It was set up in 2014 and currently has more than 100 people on its books across certain markets such as the US and Asia.
It also has many customers in Europe.
The new arrangement is set to see the company, which applies machine learning techniques to look out for financial crime, work more deeply in the Asia-Pacific market as well as others.
It is believed to also be looking for expansion in Europe and the Middle East as well as in regions such as the Americas.
In a statement given to the press, a senior figure at Thunes said that the plan would bring down the cost of sending cash internationally.
Peter De Caluwe, who is the chief executive officer of Thunes, said that the new arrangement would lead to improved “tech compliance systems” for customers.
“This alliance will give all Thunes customers access to next-generation tech compliance systems, reducing the cost of transferring money across borders,” he said.
He added that the two firms were already making progress when it comes to working out how to “grow faster together”.
“We’ve already identified multiple ways to grow faster together, increasing the value we provide to our customers,” he explained.
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