As part of efforts to diversify its offerings in Asia, 3S Money, a cross-border fintech company with headquarters in the UK, has submitted an application for a payments license with the Monetary Authority of Singapore.
3S Money, which was established in 2018, aims to close the cross-border payments gap for SMEs because it feels that traditional banks have largely underserved this market.
By providing business accounts with local details in markets like the EU, UK, and US, the company aids its clients in expanding globally. As per 3S Money, this permits quicker payments and lower fees.
For instance, the business claimed that customers could access all payment networks in the Eurozone with a Polish International Bank Account Number. Additionally, they can do this to pay Polish currency instead of foreign currency exchange rates for local taxes and salaries, saving them money.
“That’s where we come into play. We identified that niche for ourselves when the business is not big enough for a big bank to take it over,” he said.
Zhiznevsky mentioned that 3S Money has been gaining about 300 SME clients per month and is already profitable, but he did not provide any additional information.
To act as its Asia-Pacific hub, the company is opening an office in Singapore. Malaysia, Indonesia, Thailand, and Vietnam in Southeast Asia, as well as Hong Kong, China, and Japan in East Asia, have been named as “potential markets for future growth”.
The business is certain that it will obtain a license in Singapore within the upcoming 12 months.
After receiving a license from the Dubai Financial Services Authority, 3S Money began operations in the Middle East in October 2022. Additional locations for it include London, Amsterdam, Luxembourg, and Riga.
With its entry into Asia, the company will face competition from companies like Revolut and Wise, two London-based companies that have regional headquarters in Singapore.
The staff in Asia will be under Andrew Ong’s direction. He previously held the positions of regional managing director for Asia Pacific at Flywire and group head for global peer-to-peer at MasterCard. Flywire obtained its own license to provide international money transfer services in Singapore in January.
In a series B funding round in April, 3S Money raised 3 million pounds (about US$3.7 million), bringing its valuation to close to US$50 million. Within the following 24 months, it plans to go public.
