Fintech start-ups 4xLabs and Moneybay ink strategic partnership for cross-border collaboration in the physical FX market
27 June 2017
Singapore-based 4xLabs and Malaysia-based Moneybay announced today that they have signed a partnership to collaborate on developing products and services for money service businesses and travellers in the region. This partnership will see the two fintechs cooperate in terms of data sharing, technical integration as well as leveraging each other’s established networks. The partnership will bring new value to their users across Singapore and Malaysia, thus building the foundation for future cooperation.
In a crowded fintech space where start-ups are vying to provide consumers with on-demand services and information, solving the problem of transparency when it comes to cash exchange rates is a challenge that has been taken on by a number of organisations. Some are tackling the issue via crowdsourcing or P2P models. 4xLabs and Moneybay differ by working directly with money service businesses to display their rates online through exchange rates aggregation and booking service1 platforms for travellers. Moneybay also offers a premium delivery service for customers who book their currencies online in Malaysia.
The first phase of the partnership, and resultant technical integration, will provide money changers with one better platform to manage their rates. Through Biz4x2, money changers would only need to input their rates into the system once, to be able to display these rates on Moneybay, Get4x and rate boards, as well as accept bookings from travellers in Singapore and Malaysia. Previously, a money changer would have to enter their rates into disparate systems, a cumbersome process that is tedious and prone to inaccuracy across platforms. Having one platform to manage their rates across multiple systems ensures accuracy, consistency and timeliness.
1 Get4x was first launched in Singapore in 2012, and has since expanded to 14 different cities, while Moneybay launched its app in 2016 in Malaysia, and will soon expand their network of licensed money service business partners to the rest of Southeast Asia.
2 Biz4x is an all-in-one platform that provides money service businesses with a point of sale system, FX rates, compliance data and customer acquisition features through Get4x, Moneybay and customized rate boards
Building on the success of the first phase, the second phase would involve innovating upon the launched services, to optimize the process of currency exchange for both the travellers and money service businesses, potentially through an enhanced delivery service across SIngapore and Malaysia.
This landmark partnership will provide the following direct benefits. Money changers will benefit from one better consolidated system to manage their business. Travellers benefit from more data, choice and convenience when it comes to online currency booking for Singapore and Malaysia. With 4xLabs and Moneybay, the benefits of the partnership will allow them to optimize their resources to focus on the unique experience they each provide to their user base. For Moneybay, this partnership will allow them to focus on building a unique B2C experience for travellers such as the expansion of their currency delivery service. For 4xLabs, it will result on more money changers within the Get4x and Biz4x network in Malaysia.
Christian Teo, CEO of Moneybay said, “Partnering with 4xLabs is part of our strategy to enhance Moneybay’s competitive advantage in the Southeast Asia region. Through our combined expertise, technology and networks, we believe that our collaboration will allow us to bring real value to the industry, and the ultimate beneficiaries will be the money service businesses and travellers as we elevate the currency exchange experience for them.”
Chris Vanden Berghe, CEO of 4xLabs said, “4xLabs and Moneybay see a lot of strategic alignment in our vision for the physical FX industry. Instead of expending time and resources building out two business management systems that would be inferior to one consolidated system, we’ve opted for another better route. It makes more business sense to work together to leverage our respective strengths where we each have a strong user base and develop new and improved services for our external stakeholders across borders.”
The partnership between 4xLabs and Moneybay was officially signed during the recent inaugural 2017 MCX (Money Service Business Customer Experience) Awards in Malaysia that was organized by the Malaysia Association of Money Services Business.
“The market opportunity when it comes to the physical FX industry is huge. Rather than fighting over a small slice of the pie, we believe in pursuing a path of open collaboration with like-minded entrepreneurs that share the same values and goal of pioneering technological and business innovations, that will improve the entire state of the physical FX industry in a holistic manner. Likewise, we believe that the way forward for many fintechs will be through such collaborative partnerships,” said Mr Vanden Berghe.
4xLabs is a fintech start-up headquartered in Singapore. For money changers, our one-stop suite of services, Biz4x, improves top line, by helping them acquire new business, optimize their price setting, and scale their business; as well as bottom line, by improving efficiency, managing cost of stock, and facilitating compliance risk management. Through Biz4x, money changers can list their business and cash exchange rates on a directory called Get4x to access new customers. Biz4x is currently being used in more than 10 different countries by hundreds of money service businesses, and more than 40% of Singapore money changers are on this platform. With Get4x, travellers can search for licensed money changers offering the best rates nearby for greater transparency, convenience, and security. Our tools improve the entire cash exchange industry by providing greater transparency and regulatory compliance.
For more information visit: https://4xlabs.co
Moneybay is a fintech company offering innovative solutions for money exchange. With Moneybay, money changers can now expand their reach beyond their storefront. Travellers now have real convenience and savings when they book and pay for currency online. Moneybay also offers secure online payment and premium delivery for all currency bookings made through their platform. Founded by a group of finance & tech entrepreneurs in late 2016, Moneybay has over 70 licensed money changer partners in Malaysia. The Moneybay app can be downloaded on the App Store or Google Play, and with a minimum exchange of 1,500 MYR, users can get 5 MYR off every transaction with the promo code ‘GETME5’.
For more information visit: https://moneybay.co
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