Singapore’s TranSwap launches in Scotland with new Edinburgh R&D centre
TranSwap, a cross-border payment platform based in Singapore, has officially launched in Scotland – the company’s fifth market after Singapore, Hong Kong, Indonesia and Malaysia.
The UK office and global R&D centre are in Edinburgh, where they expect to create 54 jobs over the next three years, including high-value digital roles such as Machine Learning Engineers, Full-Stack Developers and Product Owners to support TranSwap’s market expansion and R&D plans.
TranSwap will initially operate its R&D Centre from the Bayes Centre at the University of Edinburgh, and the company has already established an R&D partnership with the academic institution.
TranSwap’s Edinburgh office will tap into the current skills base within technology and financial services and create a talent pipeline for local graduates and post-graduates with the right skillsets to enter the rapidly expanding FinTech market.
TranSwap’s technology platform will adopt Artificial Intelligence, Machine Learning and Natural Language Processing to help businesses to move money in 180 countries & 120 currencies. Supported by global banking partnerships, TranSwap’s product range includes global payments, digital wallets, collections, trade finance and FX forwards & hedging. TranSwap is fully regulated and licensed in Singapore, Hong Kong and Indonesia, and currently expanding into several new markets.
Benjamin Wong, co-founder and chief executive officer of TranSwap, said: “The UK has been on the cards for years as it is one of the world’s leading financial centres and remains a source of global economic development. Besides serving as a strategic gateway into Europe, the UK is also a highly sought-after investment destination for businesses. It has a vibrant, entrepreneurial FinTech sector and businesses play a vital role in the country’s economic growth and sustainability.
“Now, with FinTech as a game-changer in streamlining cross-border payments, businesses have the opportunity to overcome the barriers to internationalisation and enter new markets through improved payment options. We seek to make cross-border payments more efficient and cost-effective for businesses in the UK by simplifying the traditional cross-border payment process.
“In today’s context especially, it is more crucial than ever to support global trade and investment 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, added: “TranSwap is well-poised for continued growth internationally and I am excited to lead their UK operations. Much like with the rest of the world, international trade is key to economic growth and there is a pressing need to make overseas payments and collections more efficient and cost-effective for UK companies to scale up globally.
“COVID-19 has created challenges for economies on an unprecedented scale and the knock-on effects of the pandemic have called on businesses to evaluate alternatives to unlock cash flow and ensure business continuity. By providing businesses with a platform for seamless and cost-effective cross-border payments and collections, we hope to help them through improved access to financial services.”
TranSwap was supported in its decision to locate in Edinburgh by Scottish Development International (SDI) representatives based in Scotland, Singapore and Hong Kong, who worked with the company and introduced them to key stakeholders in Scotland.
Ivan McKee MSP, Scottish Government Minister for trade and innovation, commented: “Today’s positive announcement by TranSwap underlines Scotland’s position at the forefront of global fintech development. The company’s choice of Edinburgh for its new global R&D centre will create high value jobs and is another step towards our goal of being ranked among the world’s top five fintech cluster nations. Digital financial services have an important role to play as we build a sustainable, high skilled and globally competitive economy, and I welcome TranSwap to Scotland.”
Mark Hallan, director of global investment, SDI at Scottish Enterprise, said: “TranSwap is a fast-growing international company that utilises technology to make financial transactions quicker and simpler. Its decision to locate in Edinburgh is a real vote of confidence for Scotland’s fintech sector, which continues to gain worldwide recognition because of our skilled workforce, vibrant tech scene and collaborative cross-sector environment.
“That’s why Digital Financial Services was identified as a key opportunity sector in the Scottish Government’s new inward investment strategy published last year, and our SDI specialists based around the world will continue to bang the drum for Scotland to attract even more fintech companies to our shores.”
TranSwap is already a member of sector organisation, FinTech Scotland.
Nicola Anderson, CEO of FinTech Scotland, added: “We’re absolutely delighted to welcome TranSwap in the Scottish fintech community. Scotland’s experience in payment technology is going from strength to strength. We continue to see innovations that are world leading and driving change in the payments sector. TranSwap is a great example of how fintech can facilitate lives for millions of people all around the world, simplifying the way global payments happen. The company has ambitious plans for global growth and we’re looking forward to helping them grow their operations in Scotland.”