- Partnership will extend services to a range of nations, and looks set to improve cross border payments services
- A range of nations are on the list for expansion, including Japan and Malaysia – as well as Kenya
- “Our mission is to create financial options and access for hardworking migrant communities around the world”, said TransferGo’s CEO
A prominent international money transfer firm has announced it will pair up with a payment platform to offer remittance services in an additional set of countries.
TransferGo, which has developed a reputation as a fast-growing cross border payments institution in recent years, will work alongside Currencycloud as part of the new pairing.
It is expected that the two organisations will work in 14 new markets across the globe in Q1 of this year – meaning that the new collaboration looks set to get off the ground very quickly.
The new partnership builds on existing work and will mean that almost 70 nations around the world will be able to benefit from the service.
A wide range of economies are going to be included in the new collaboration, including both established and emerging markets.
Japan is on the list, as is the major sub-Saharan African country Kenya and also well-known remittance destinations such as the United Arab Emirates and Malaysia.
In a statement, TransferGo’s CEO and co-founder – Daumantas Dvilinskas – said that “further scale and reach” were on the cards.
“Our mission is to create financial options and access for hardworking migrant communities around the world”, he said.
“At the same time, we recognise that our customers the world over have unique money transfer needs. Our partnership with Currencycloud will help us meet these varying needs with further scale and reach.”
On Currencycloud’s behalf, Rigby Try – who is the firm’s vice president of sales in the Europe, Middle East and Africa region – described the partnership with Currencycloud as a “perfect example” of the firm’s efforts to reduce barriers to remittance services.
“Currencycloud was launched with the intention of democratising cross-border payments”, he explained.
“Working with TransferGo is a perfect example of how we envisaged helping to make the complicated, opaque and expensive process of sending money overseas far more simple.”
In the press release from TransferGo outlining the partnership’s scope, TransferGo outlined some of the statistics which explain why it is pushing hard for changes in the remittances world.
According to TransferGo, the World Bank has estimated that last year’s inflowing remittance levels to low- and middle-income nations was around $529bn– a figure that represents an increase of nearly 10% compared to the previous year.
TransferGo is a relatively new company and was only formed in 2012.
However, in that time it has managed to build a network of financial institutions with which it partners, and this list now features more than 30 names.
If you’d like to know more about what’s happening in this exciting and interesting sector, you can always head over to our magazine pages to get the latest news and updates.
