TransferTo-Stellar partnership to develop remittance service

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  • TransferTo just inked a deal with blockchain company Stellar.org
  • The brand aims to improve access to individuals who are underbanked or unbanked
  • The remittance market is experiencing a disruption from fintechs
     

Singapore-based B2B payments platform TransferTo is working with blockchain expert Stellar to make low-cost cross-border payments possible, according to reports. The goal of the partnership is to improve access in emerging markets. According to experts in the fintech industry, a number of people in developing countries are either unbanked or underbanked. TransferTo addresses this challenge and has been doing so since its inception. With Stellar’s technology, TransferTo is set to enhance its services to its business customers.

 

TransferTo has been quite busy, observers say. The brand is set to exceed its gross value of $2 billion based on reports from August 2018 as the brand hit the $800 million mark in Q1 and Q2. The Singaporean international money transfer company has been experiencing rapid growth due to the partnership agreements the brand has entered into. It is still working with EcoCash, a company in Zimbabwe and Orange Money in Botswana. TransferTo also inked deals with Safaricom and PayPal to expand its reach in Kenya.
 

Although TransferTo’s position in the large scale money transfer industry is already guaranteed, its move to join hands with Stellar will make it an even stronger competitor in the money transfer market, according to fintech experts. Stellar’s blockchain technology will make TransferTo’s services more efficient. TransferTo representatives say that the presence of Stellar’s blockchain will reduce settlement periods for digital international money transfers. The brand’s loyal customers can also expect lower transaction fees due to this development.
 

TransferTo provides currency services to a number of companies around the world. Find out more about the best cross-border payment solutions.
 


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO at FXcompared and has numerous years of experience in the international finance world, especially within the media, technology and property sectors. Daniel is passionate… Read more

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