Singapore-Based FinTech Firm TranSwap Expands into The UK With Plans to Open New R&D Centre

SINGAPORE - 3 February 2021 - TranSwap, a home-grown cross-border payment platform, has officially launched in the United Kingdom. This expansion further strengthens TranSwap's position as one of the leading fintech firms in Asia Pacific and beyond, as part of its efforts to empower global business growth with a secure, cost-effective and convenient cross-border payment solution.

Since TranSwap launched in 2017, they have established a strong presence in Asia Pacific with offices in Singapore, Hong Kong, Indonesia and Malaysia. The UK is a pivotal market to accelerate TranSwap's next phase of expansion.

Benjamin Wong, co-founder and CEO of TranSwap, said, "UK has been on the cards for years as it is one of the world's leading financial centres and a source of global economic development. Not only is it a gateway into Europe, but it is also a sought-after investment destination for businesses who are instrumental in the country's economic growth. Now with fintech as a game-changer in streamlining cross-border payments, businesses can gain access to international markets through improved payment options and TranSwap seeks to simplify the traditional cross-border payment process for them. It is more crucial than ever to support global trade and help combat the economic consequences of the Covid-19 pandemic."

Grant McKenzie, who will spearhead the firm's operations in the UK as Director & UK Country Head, said, "TranSwap is well-poised for continued growth and I am excited to lead their UK operations. Much like with other countries, businesses in the UK are the backbone of the economy and there is a pressing need to make overseas payments more efficient and cost-effective for them to internationalise. Covid-19 has created unprecedented challenges for economies and the knock-on effects of the pandemic have urged businesses to evaluate alternatives to unlock cash flow and ensure business continuity. By providing them with a cost-effective cross-border payment solution, we hope to help them through improved access to financial services."

Based in Edinburgh, TranSwap aims to open a global R&D centre at the University of Edinburgh's Bayes Centre to create a talent pipeline for local graduates and post-graduates to enter the FinTech market. TranSwap will create 54 jobs over the next three years, including Machine Learning Engineers and Full-Stack Developers roles to support their market expansion and R&D plans.

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