Singapore Fintech Texcent Receives Remittance License From Monetary Authority Singapore
Singapore is home to some of the world’s most influential startups, particularly in the Financial Technology (FinTech) sector.
Already rivaling Silicon Valley (the “ancestral home” of startups based in California in the United States), Singapore continues to invest a tremendous amount of resources and a flood of capital into their startup community – and the fruits of this labor have been paying off big time, as is clearly evidenced by the major news coming out of Texcent Asia, one of the most successful FinTech startups Singapore calls its own.
Announcing in February 2018 that it had received a remittance license from the Monetary Authority Singapore (MAS) Office, Texcent Asia is getting set to rollout its global payment and remittance business service in Asia, Africa, and the Australian markets (at first) before continuing to roll out its services in Europe, Russia, Latin America, and eventually the UK and the United States.
This is a FinTech company that has been working to establish a global payment and remittance network for years and years now, partnering with the Hybrid Mobile Wallet platform that it helped create. This is the kind of FinTech solution that allows for digital and fiat currencies to be used within the same mobile application, essentially producing a digital wallet that works with traditional and nontraditional currencies without having to juggle numerous interfaces, platforms, or technological solutions all at the same time.
Texcent Asia has also partnered with MasterCard to come up with a physical and tangible debit card system that allows users of the Texcent Asia remittance platform to convert all of their digital assets into local currencies, currencies that can be withdrawn from ATMs as well as used at physical retail locations and online without headache or hassle.
This kind of payment scheme would essentially transform the Texcent Asia platform into a digital conversion system, transforming digital assets (like BitCoin, for example) into tangible cash – say the US dollar or the UK pound sterling – depending upon where an individual was located at that particular point in time (as registered by their mobile device linked to their Texcent Asia account). They be able to use that currency, instantly converted into local currency, with their MasterCard debit card solution attached to their account.
This is a revolutionary new approach to online payment services and a new system that could completely revolutionize the way people think about their digital and nondigital assets. A one-stop shop type of solution for the financial needs of consumers that are regularly on the move, the Texcent Asia card and mobile application system will allow frequent travelers the opportunity to convert their cash into digital currencies but still use their card – or local currencies – without any headache converting things into tangible money as necessary.
Texcent Asia represents a major leap forward in the world of FinTech and it’s exciting to see how a new solution like this one is catching on like wildfire around the world. Singapore has become one of the most important hubs for the startup community because of FinTech startups like this one!
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Monetary Authority of Singapore a strong supporter of fintech, Singapore and London are the capitals of fintech in the 21st century, New Office Will Prepare Singapore for Increasingly-digital Society and all topics related toBusiness and Tech, if you are interested setting up company in Singaporevisit our website for more information.
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