UK based fintech startup company Currencycloud is setting up their Asia-Pacific base in Singapore to expand into Asian markets. 

Launched in 2012, Currencycloud is a business-to-business firm that specialises in global, multi-currency account infrastructure and cross-border solutions. The company is applying for a major payment institution licence from the Monetary Authority of Singapore.

"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 South-East Asia, Australia, Hong Kong and Japan," said Todd Latham, Chief Growth Officer, Currencycloud.

According to the company, it processes over $3 billion in international payments each month with Asia-Pacific being one of its fastest-growing regions and is planning to hire 50 plus employees from here by the end of 2021.

According to a McKinsey study, Asia is the largest contributor to global payments revenue and is expected to surpass $1 trillion by 2023. COVID-19 has created a surge in digital payments, generating an urgent demand for even more seamless cross-border payments. The new HQ in Singapore will allow Currencycloud to bring through its embedded solutions to even more FinTechs, banks and financial institutions.