LONDON--(BUSINESS WIRE)--Earthport, the largest open global bank payment network, has today announced Singapore as its new regional base in Asia. Building on its extensive and growing links, the new office will provide a physical base in Singapore as a FinTech hub for the region, supporting further expansion in emerging trading nations across South East Asia.
Earthport’s Asia business is led by Sajeev Viswanathan, with extensive experience in Banking and Payments including 19 years at Citigroup in the UK, India and Moscow. He will be joined by Rohit Bammi, a Singapore national, with over 25 years of experience in banking and financial services industry in emerging markets, including as Partner and Head of Financial Risk Management at KPMG in Singapore and India, and through executive positions at Deutsche Bank and Citibank.
This announcement has been made to coincide with Earthport’s participation in a trade visit to Singapore with Prime Minister David Cameron.
Hank Uberoi, Chief Executive of Earthport said: “The opening of our Singapore office is an important milestone in the continuing expansion of Earthport’s global footprint and underlines our commitment to the Asia-Pacific market.”
Prime Minister David Cameron said: “British companies like Earthport are flying the flag and unlocking the economic potential of the fast growing economies of South East Asia. I’m delighted that they have joined me on my first trade mission of this government and I hope that we can work together to create jobs and growth for the UK.”
Notes to Editors:
Earthport is a global payments network for businesses. A UK company at the vanguard of the digital economy, Earthport is revolutionising a decades old payments system to provide a faster, safer, lower cost way of making payments internationally. Earthport is regulated by the Financial Conduct Authority (FCA), with robust compliance measures in place. Its key investors WBifc, Oppenheimer, Henderson, Schroders and Blackrock.
How it works
Earthport’s payment network provides a simple, cost-effective alternative to the traditional Correspondent Banking model. Its streamlined system for cross-border payments removes the number of middlemen involved, delivering significant benefits to businesses with high volumes of low value cross-border payments.
Earthport engages with local banking partners to affect low-cost delivery and receipt of payments on behalf of its clients via ‘in-territory’ banking services. To this end, Earthport maintains a high-calibre and growing network of partner banks, through which client business is aggregated and settled directly to banked beneficiaries in over 65 countries.
By simplifying the system through limiting the number of links in the chain, Earthport’s network allows businesses to know up front the cost and timescales for making their payment. It gives them full transparency so they can track their money throughout the process.