Money transfer sector heats up with tech

Banks, traditional players, start-ups use tech to make remittances easier, more transparent

Besides having branches, remittance firms are making their costs transparent and letting customers use mobile phones to transfer money.
Besides having branches, remittance firms are making their costs transparent and letting customers use mobile phones to transfer money.ST PHOTO: KUA CHEE SIONG

The once-stodgy remittance market has burst into life as increasing numbers of companies - from start-ups to legacy banks - fight to get a slice of the booming market in international money transfers.

They are using a variety of ways to set themselves apart from the competition, including making their cost structures transparent and allowing customers to send money with a tap on their mobile phones.

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A version of this article appeared in the print edition of The Straits Times on December 27, 2018, with the headline 'Money transfer sector heats up'. Subscribe