Singapore-based fintech company Chynge is set to launch a decentralised remittance platform to enable instant cross-border payments.

With a public token sale slated to be introduced this month, the service is expected to go for a commercial launch by the end fourth quarter of this year.

The new solution requires the sender to place the tender amount onto the Chynge remittance platform. This tender amount is converted into XCLP tokens to be transmitted to the recipient country, where again they are converted to the local currency to enable collection.

These tokens are recorded on the distributed ledger before transmission.

The whole process utilises blockchain technology at the backend ensuring a smooth payment process between the customers.

Chynge has already opened bank accounts in the markets with adequate local currency to process these transactions. It will also help to reduce time and cost associated with the process as well as eliminates the effects of currency depreciation.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Furthermore, the company deploys a ‘Smart Compliance’ method which uses Artificial Intelligence and Machine Learning to develop detailed user profiles and the corresponding history of their transactions providing unique risk rating to each one of them.

Accordingly, the system can help to detect attempts of money laundering, terrorist financing and other financial crimes.

Overall, the service is expected to eliminate the hindrance of cross-border money transfers including transaction fees, time and inconvenience.

Chynge founder and CEO Joe Tusin said: “What we aim to do with this service is to make the transmission of funds secure, instant, and fee-less.

“We believe that this will democratise and socialise money, taking power away from the institutions and giving it back to the people.”