Fintech has not only been touted as a lucrative venture but also a means to bridge the gaps in efficiency and accessibility of financial services. Especially in Southeast Asia, fintech companies have played a role in extending these services to demographics that have been traditionally underserved such as the rural populations and migrant workers.

Within the sector, the potential for growth in the payments space is substantial.

For example, the World Bank predicts that the largest inflow of foreign capital to developing countries in 2019 will not come from foreign direct investments like previous years but from remittances. An estimated 270 million migrants will send a combined US$689 billion to their home countries.

It is not surprising that businesses have rushed to make the most of this booming industry by setting up e-wallets and other mobile applications ultimately helping people connect and transact with their families internationally. One such recent entrant is the financial arm of Southeast Asia’s leading ride-hailing app. Grab Financial is looking to launch its first cross-border remittance corridor between Singapore and the Philippines.

Business leaders in the larger financial services sector and in the payments space have often found remittance a lengthy and laborious process which needs to be streamlined.

And with the rise of local and cross-border cashless payments, there is also a growing need for more transparent settlements across borders.

For these transactions to be made more cost-effective and efficient, global businesses could choose to work with strategic third-party partners to improve the supporting infrastructure.

How the EMQ model bridges gaps in cross-border money movement

EMQ, a growing start-up is working towards fulfilling this need. The start-up’s neutral network infrastructure and proprietary technology seamlessly integrate with global businesses’ systems, removing intermediaries, unnecessary fees while adhering to local compliance regulations.

By providing both enterprises and individuals the tools to transfer money more efficiently and cost-effectively, EMQ is poised to play a role in driving sustainable development. According to the World Economic Forum, innovative solutions via mobile, which are helped by companies such as EMQ, have cut the cost of remittances in half.

Efforts like EMQ’s to streamline remittance processes also fall in line with one of the 17 UN Sustainable Development Goals. The goal of reducing inequalities includes a target of lowering the average cost of remittance services globally to less than 3% by 2030.

For example, Tencent Holdings utilised EMQ’s technology to allow foreign domestic workers most of whom are from the Philippines and Indonesia, to send money back to their families on their smartphones without having to queue for hours in a money shop at a more affordable rate.

Fostering better flexibility for everyone

Apart from making some financial services more accessible to migrant workers, EMQ’s flexible infrastructure has been utilized by other businesses to serve individuals’ needs from all walks of life.

Its network offers more affordable currency transfer fees across worldwide borders, empowering a more mobilised workforce that relies on work from all over the globe. The company’s infrastructure network facilitates a cashless society, fuels the gig economy further, and enables businesses to enter markets that didn’t seem possible before.

Co-founder and CEO Max Liu describes EMQ as a “Global financial backbone infrastructure with the ability to settle any kind of cross-border movement of capital around the world.”

A trusted partner across Asia-Pacific and beyond

Through its neutral and independent network, EMQ has forged strategic partnerships with several key industry players including Visa, Shanghai Commercial Bank, Kotak Mahindra Bank in India, and HDBank in Vietnam.

Apart from strengthening its foothold in the Asia-Pacific region, the company has already expanded to Europe, the Middle East, and Africa. The team is poised to venture into the United States and Latin America in 2020.

ABOUT EMQ

EMQ operates a global money movement network that seamlessly integrates ecosystem participants, providing a faster, cheaper and more transparent financial settlement solution for individuals and businesses across the world. Our flexible network infrastructure directly integrates to all the end-points and can effectively settle any cross-border movement of capital across multiple vertical industries for a broad range of services, while adhering to complex regulations and compliance standards in different markets.

EMQ’s network coverage currently spans Asia, including China, Hong Kong, Singapore, India, Indonesia, Japan, Vietnam, Cambodia, Thailand, Taiwan, and the Philippines, with expansion underway across key business markets in North America, Europe, the Middle East and Africa. For more information, visit www.emq.com.

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