Currencycloud, a leading provider of B2B embedded cross-border solutions, today announced it has officially opened its Asia-Pacific headquarters in Singapore. The new office, located in Raffles Quay, will serve as a hub to drive the London-based Fintech’s expansion throughout the wider region.
Rohit Narang, Co-founder & COO of Trusting Social, a big data analytics firm specializing in credit scoring on alternate data, also joins the company as Managing Director for the region.
Asia has a giant payments market. According to a McKinsey study, it is already the largest contributor to global payments revenue and is expected to surpass $1 trillion by 2023*. Covid-19 has created a surge in digital payments, generating an urgent demand for even more seamless cross-border payments. The new office will allow Currencycloud to provide on-the-ground support for existing customers while bringing its embedded solutions to even more Fintechs, banks and financial institutions.
“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” said Todd Latham, Chief Growth Officer at Currencycloud. “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.”
Currencycloud processes over $3 billion in international payments each month and Asia-Pacific is one of its fastest-growing regions, with associated transaction volumes trebling across its platform in 2020. It already names many of the region’s most innovative brands as clients, including TranSwap, NIUM, Wallex, XTransfer, WireBarley, PicoPay, CurrenC & Geoswift. The company expects to hire double digit number of employees by the end of 2021 and is applying for a license with the Monetary Authority of Singapore.
“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,” said Rohit Narang, Managing Director of Currencycloud Singapore. “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”.
Rohit co-founded Trusting Social and served as its Chief Operating Officer, helping drive the company’s growth from pre-revenue stages to establishing partnerships to score more than 1 billion consumers in emerging markets and providing services to more than 140 enterprise customers across the region. Prior to his Fintech career, Rohit spent nearly 20 years in investment banking and private equity, including at Deutsche Bank and Goldman Sachs, where he set up multiple new businesses across India and South-East Asia.