London-based FinTech startup Currencycloud will be making Singapore its Asia-Pacific (APAC) headquarters, according to a report from The Business Times. The company will also be hiring over 50 new staff members in the next year.
The headquarters is located in Raffles Quay. Singapore will be used as a hub for regional expansion, the report stated.
The office plans to provide ground support for Currencycloud’s existing customers in the area, which include TranSwap, Nium, Wallex, XTransfer, WireBarley, PicoPay, CurrenC and Geoswift, according to the report.
“Asia-Pacific is a hotbed of financial innovation… Our office in Singapore will enable us to continue to improve our services for our customers across Southeast Asia, Australia, Hong Kong and Japan,” Currencycloud Chief Growth Officer Todd Latham said, per the report.
The company has hired Rohit Narang as its managing director for the region. Narang is the co-founder of big-data analytics firm TrustingSocial, which specializes in credit scoring on alternative data. He also spent 20 years prior to that in investment banking and private equity, including stints at Deutsche Bank and Goldman Sachs, the report stated.
Narang said his joining of the company comes “at a time when the need to accelerate the shift to digital payments across the Asia-Pacific region has never been greater,” according to the report.
Currencycloud debuted in 2012 and has etched out a specialty in global, multicurrency account infrastructure and cross-border solutions, the report stated. The company has been working on applying for a major payment institution license from the Monetary Authority of Singapore.
Currencycloud also recently collaborated with Norway-based mobile payment company Settle Group, providing wallet users and corporate clients in Europe with foreign exchange and international payment services.
Via the collaboration, Settle will be able to grow its efforts with the enablement of local payouts in markets where Settle hasn’t been connected with local partnerships. Settle has usually developed tech in house.