UK-based fintech Sokin has forged a partnership with payments major Visa to support the rollout of its global currency account and debit cards in Asia Pacific countries.
The multi-year agreement will see Visa collaborating with Sokin in the launch of its offerings, which is said to target 107 million migrant population in the region.
The firm’s global currency account is said to be an alternative to traditional banking services and is intended to rebuild the Asian and Pacific financial services landscape on a local scale, according to multiple reports, citing data provided by Sokin.
Commenting on the tie-up, Sokin founder and CEO Vroon Modgill said: “This partnership with Visa is fundamental in Sokin being able to help people in Asia Pacific countries and territories access inclusive and cost-effective financial service products.
“We look forward to building a strong partnership with Visa to deliver our global currency account and debit card to this region with the ambition to become the leading independent provider for the Asia Pacific, delivering the services and support people really want and need to fulfil their financial aspirations.”
Founded in 2019, Sokin provides cross-border money transfers for migrant workers.
The firm’s subscription-based payments platform allows users to receive and send money transfers and access currency exchange in 38 currencies to more than 200 countries and territories globally.
Following the launch of its digital wallet and debit card in last August 2021, Sokin expanded its footprint to 32 countries around the globe.
Last April, Sokin introduced a cross-border payments platform for large organisations and corporates.
In2020, the firm teamed up with Mastercard to roll out its fixed-price subscription-based payment service in Europe.