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Singaporean fintech firm TranSwap sets up first UK office in Edinburgh

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TranSwap, Singapore cross-border payment platform

Tricia Ang | 9 February 2021

Photo by InvestHK

Singapore Cross-border payment platform TranSwap has officially based its first UK office in Edinburgh, UK.

The new TranSwap global research and development (R&D) centre is projected to create over 50 jobs in the next three years, some of which include full-stack developers, machine learning engineers, and product owners to support the firm’s market expansion plans.

This is the fifth market TranSwap has set up camp, with the other markets including Singapore, Hong Kong, Malaysia and Indonesia. The company was founded in 2017 with the goal of becoming an international e-money institution. 

Artificial intelligence techniques are utilised to help organisations to transfer money in 180 countries and 120 currencies.

TranSwap is supported by global banking partnerships, and its product range includes digital wallets, collections, trade finance and foreign exchange hedging.

Co-founder and CEO Benjamin Wong said: “The UK has been on the cards for years, as it is one of the world’s leading financial centres and remains a source of global economic development.”

TranSwap will continue to operate from the Bayes Centre at the University of Edinburgh before the office is ready. The company had established an R&D partnership with the academic institution.

The Edinburgh office will tap into the financial and technology services skill base and create a “talent pipeline” for local graduates and post-graduates.

TranSwap’s new director and UK country lead Grant McKenzie

Spearheading the firm’s operations in the UK, director and UK country head, Grant McKenzie said: “Covid-19 has created challenges for economies on an unprecedented scale and the knock-on effects of the pandemic have called on businesses to evaluate alternatives to unlock cash flow and ensure business continuity.

“By providing businesses with a platform for seamless and cost-effective cross-border payments and collections, we hope to help them through improved access to financial services.”