Currencycloud‘s new business office, based in Raffles Quay, will act as a hub to help the UK-headquartered Fintech with expanding operations across Southeast Asia and other jurisidictions.
Currencycloud says that it intends to recruit many new professionals by the end of this year. The firm is reportedly applying for an operational license with the Monetary Authority of Singapore (MAS).
Rohit Narang, who’s the Co-founder and former COO of Trusting Social, a Big Data analytics provider focused on credit scoring for alternative data, has also joined the firm as MD for the APAC region. Before his Fintech-focused career, Narang worked for almost 2 decades in investment banking and private equity. He has previously served in key roles at Goldman Sachs and Deutsche Bank, where he was responsible for several new ventures across India and the Southeast Asia region.
Currencycloud revealed that it has handled more than $3 billion in cross-border transactions every month. The Fintech firm’s management noted that the Asia Pacific area has been one of their fastest-growing regions, with associated payments volumes increasing dramatically during the past year.
Currencycloud’s clients reportedly include CurrenC, Geoswift, PicoPay, NIUM, TranSwap, Wallex, WireBarley, and XTransfer.
Todd Latham, Chief Growth Officer at Currencycloud, remarked:
“Asia Pacific is a hotbed of financial innovation, and we anticipate significant ongoing growth of Fintech companies across the region. We aim to provide the pipes for all these Fintech companies when moving money across borders, helping them focus on building innovative products for their customers. Our office in Singapore will enable us to continue to improve our services for our customers across South East Asia, Australia, Hong Kong and Japan.”
Rohit Narang, Managing Director of Currencycloud Singapore, stated:
“I’m thrilled to be joining Currencycloud during an exciting stage in the company’s international expansion, and at a time when the need to accelerate the shift to digital payments across the Asia-Pacific region has never been greater. Currencycloud shares my vision for financial inclusion and accelerating payments innovation. The next decade is going to see multiple innovative companies from this region addressing these problem statements and I look forward to building strong partnerships with such companies to fuel the future of finance”.