Payment solutions leverage on emerging technologies to simplify the transaction process and to increase the avenues for payments to occur. Payment solutions include digital wallets, loyalty programs, cross-border payment options and intuitive mobile solutions for payments. The solution enables firms to complete cross-border payments quickly and cheaply by leveraging on emerging technologies such as blockchain. Traditional cross-border payments take 3 to 5 business days to complete transactions whereas this solution enables same day transfers. Cross-border payments are also able to be completed cheaper, with a 0.25% - 1% transaction fee, as opposed to 2% - 11%. Find out more at www.ey.com/sg/fintechhub. For enquiries, contact us via email at fintech@sg.ey.com.

1. Money transfer process
Cross-border remittance solution
for business to business (B2B)
Case study
Context:
A start-up e-commerce platform was selling
Australian FMCG in the Hong Kong (HK)
market. High-consumer bounce rates are
observed on the payment page where the
customers were shown the high FX rate
incurred by VISA and MasterCard. The platform
was looking for a suitable overseas money
transfer solution providing a reasonable FX
rate, allowing them to improve customer
satisfaction. The platform also wanted to
increase the cash receivable turnover rate.
Value-added:
The remittance platform served as a payment
solution for the e-commerce. The solution
increased transaction volume and customer
acquisition. Customers can now purchase
goods at a competitive FX rate, resulting in a
cheaper final product.
The e-commerce also receives revenue within
one day of transaction.
EY’s role and activities:
• Market landscape analysis of cross-border
remittance platforms
• Benchmarking, analysis, comparison and
selection of available platforms
• Developed a sales acceleration platform,
including product and business definition,
vendor solution gap analysis and
management dashboard definitions
Client impact:
• Increase in total transaction volume and
customer acquisition
• Decrease in service fees payable for cross-
border transactions
• Decrease in the cash receivable turnover
time from five business days to one
business day
Contact us
Challenges faced by companies
High-margin foreign exchange (FX) rates
Many banks and money transfer operators (MTOs) add margins of 2%-11%
and hidden fees to their FX rates.
Slow transfers
After submitting all the documents, the recipient has to wait for three to
five business days to receive the money.
Complicated procedure
Currently, many paper-based documents need to be submitted by banks for
cross-border remittance.
Cheap and fast cross-border remittance solution
Cheap fees
Mid-market rates + nominal fee (0.25% to 1%)
Zero-Margin FX rates
Simple account
creation
Email ID, mobile number, identification number and
address proof documents are needed to create an
account
Easy procedure
Required to submit payee’s information and the
purpose of remittance
Quick receive Takes one business day to complete a transfer
Remitter Platform Payee
Apply online
Transfer local
currency
Payee
information
Payer account
on platform
Bank
Payee account
on platform
Local
Currency
Foreign
Currency
Receives
foreign
currency
Varun Mittal
EY Global Emerging Markets FinTech
Leader
varun.mittal@sg.ey.com
Website: www.ey.com/sg/fintechhub
Email: fintech@sg.ey.com
Sahil Gupta
EY ASEAN FinTech Manager
sahil.gupta@sg.ey.com

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