Future Fintech Labs to Provide Currencycloud Remittance App to Immigrants in the US

Currencycloud, a Fintech firm focused on simplifying business in a multi-currency environment, has partnered with Future FinTech Labs (FTFT Labs) in order to introduce the remittance app Tempo, which provides US-based immigrants a secure and cost-effective way to send funds.

Tempo facilitates fund transfers to North America (Canada, Mexico), Europe (Italy, Spain, France, Germany, the United Kingdom), India and the Philippines.

By teaming up with Currencycloud, FTFT Labs may offer clients a multi-currency wallet that makes sending funds to countries easier and more cost-effective when compared to many remittance service providers that charge higher transaction fees.

Importantly for FTFT Labs, the Tempo app is a remittance service that users are able to trust, with features that make moving funds easier and with in-app customer support at their fingertips. FTFT Lab’s Conversion Tool means users are able to purchase and trade currencies, while FTFT Labs Funds feature enables clients to add funds to the virtual wallet.

By introducing innovative features to the app, FTFT Labs intend to bring the most seamless, easy-to-use financial products to an overlooked market: US immigrants.

Sean Liu, CEO of FTFT Labs, stated:

“Tempo represents an easy, fast and secure way to transfer money cross-border. Working with Currencycloud and using the breadth of services it allows us to offer our customers a seamless process from start to finish. We are confident we will be able to continue to make remittance a seamless process for our end users.”

Lewis Nurcombe, Vice President Sales, Currencycloud, remarked:

“Migrants in the US should be able to send money cross-border without friction and without prohibitive costs. A fintech like Future FinTech Labs understands the needs of working people wanting to send money to family and friends, and as such is successfully reimagining how money flows for this huge market.”

As covered, post-Brexit, FX brokers are losing business and money because they’re “not permitted to service EU-based clients,” the team at Currencycloud notes in a blog post.

And when they want to expand to reach these markets, the cost and time it takes to seek regulation is “a huge drain on their cash flow and work hours.”

The Currencycloud team points out that this is the situation regulated FX brokers find themselves in post-Brexit. UK-based brokers “cannot service EU clients unless they have an appropriate form of EU coverage.”

Even once they are permitted to operate in the EU, regulated FX brokers “still need to pay to set up an EU-based office and staff,” the Currencycloud team adds.

Then there’s the US. The licensing process for this vast market “takes years, with a license required for each state – this consumes vast amounts of time and a substantial amount of capital, a challenge for even the largest of FX brokers.”

It’s no surprise that 99% of the UK’s regulated FX brokers “don’t have a license to operate with potentially lucrative US-based clients.”

According to Currencycloud, this is “all about to change.”

Regulated FX brokers “no longer have to devote a substantial amount of capital expenditure to acquire their own license to operate within the EU.” They no longer have “to endure the 12 months+ wait that goes with it.” They can now use Currencycloud “to access new jurisdictions and reach untapped markets in the UK, EU, the US and Canada, and keep ahead of their competitors.”

Currencycloud is “regulated in the UK, EU, the US and Canada.” This means FX brokers of all sizes who are regulated in the UK can “leverage Currencycloud to onboard customers in these regions, and get to market, fast.”

Currencycloud’s regulatory license(s) can “open previously shut doors for brokerages.” The ones that “closed after Brexit, that made it much harder to access the EU market, and the ones that always seem closed in the US, where it takes years and substantial capital to get that licence in every state.”


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