Remittance Comparison Platform Send4x Shortlisted as an Innovative Solution for 2019 FinTech Awards
11 October 2019
Singapore fintech 4xLabs is one of 40 finalists
11 October 2019 - 4xLabs was announced as one of the top 40 finalists shortlisted for the 2019 Fintech Awards by the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore. The finalists will be featured at the Singapore FinTech Festival x Singapore Week of Innovation and Technology (SFF x SWITCH) from 11 to 15 November and will compete for a total of S$1.2 million. 4xLabs was selected on the basis of its new Send4x platform which was launched earlier in the year.
Send4x helps users to discover new fintech alternatives to money transfer through a comparison of fees, speed and methods of sending or receiving from different service providers. The list of providers that have been onboarded to Send4x include Azimo, CurrencyFair, InstaReM, OrbitRemit, SendFX, TransferWise and WorldFirst. Send4x was picked out of 245 submissions from sectors like regtech, wealth management, cybersecurity and financial inclusion. A large number of entries were focused on improving access to financial services for the underbanked.
“Send4x belongs to a larger ecosystem of 4xLabs’ range of products and services that are geared towards the digital transformation of the often traditional money services sector. Through Send4x, 4xLabs aims to drive the adoption of digital payments, by allowing new fintech services to be discovered. Once onboarded onto these fintech services, underbanked individuals will not only benefit from cost savings, but become part of a greater global initiative by countries to increase the adoption and volume of digital payments by their citizens. We look forward to the opportunity to showcase how Send4x can help drive down the costs of remittance through price transparency, which is a sustainable development goal,” said Chris Vanden Berghe, CEO of 4xLabs.
The FinTech Awards comprise of four categories: Singapore Founder, ASEAN SME, ASEAN Open and Global. Finalists will be evaluated by an international panel of judges on their impact, practicality, interoperability, uniqueness and creativity.
Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “Several of our FinTech Awards finalists from past years have gone on to achieve success in the industry. This year, it is heartening to see a growing number of submissions promoting financial inclusion and sustainability. We are inspired by the innovative ways in which FinTechs are solving business challenges on a global scale. We look forward to seeing the finalists present their solutions to prospective partners and investors, and benefit from this exposure, at SFF x SWITCH and Deal Friday.”
The Singapore FinTech Festival is an annual week-long event comprising a FinTech Conference and Exhibition, FinTech Awards, Global FinTech Hackcelerator Demo Day, Global Investor Summit and Innovation Lab Crawl. FinTech Award finalists will have the opportunity to meet and network with investors on Deal Friday, where they can showcase their innovations. This year, the Singapore FinTech Festival is being held in collaboration with the Singapore Week of Innovation and TeCHnology to drive business transformation in advanced manufacturing and engineering, urban solutions and sustainability, health and biomedical sciences, services and digital economy, as well as fintech. In 2018, both events garnered almost 57,000 delegates from 130 countries.
“We are really honoured that Send4x has been recognised as an innovative solution in the 2019 FinTech Awards. It serves as a validation and testament to the impact of the transformative work we have done in the last couple of years with currency exchanges, remittance companies, fintechs and even banks. We believe that our solutions provide greater automation, cost savings, business process optimization and transparency to the sector as a whole. Aside from the digital transformation of the money services sector in 35 countries, we hope that Send4x will facilitate the onboarding of the underbanked population, thus improving the adoption and acceptance of digital payments in the ASEAN region, “ said Angela Cheong, CMO of 4xLabs
Biz4x, a platform developed by 4xLabs that helps businesses solve issues of efficiency and compliance, was previously shortlisted as a top 40 innovative solutions in the inaugural Fintech Awards in 2017.
4xLabs is a Singapore fintech that develops technology solutions for financial and professional services. In 2012, the company launched an online app for comparing money changing rates known as Get4x, which has a growing community of 260,000 users, and is available in 22 cities. In 2016, it launched an online integrated platform for money services business to manage all aspects of their business, known as Biz4x. Biz4x is used in more than 35 countries today. The latest innovation from 4xLabs is Send4x, a platform that compares and breaks down the cost of remittance.