India-based first cross-border neo bank MoneyHOP has partnered with SBM Bank India to roll out an instant and contactless international remittance service called ‘HOPRemit’.
MoneyHOP said its new service is custom made for Indian millennials and can be done in four steps.
The users are required to select the destination, currency, and the amount first. They will be then required to complete digital KYC and enter the recipient’s details before making the payment.
According to MoneyHOP, the transfer instructions get processed quickly and money gets credited to the recipient’s account within 24 hours after receiving the funds.
The firm noted that there will be no hidden charges for the remittance service.
international money transfer is said to remain an extensively paper-driven and expensive procedure in India although domestic mobile payments rose by 163% to $287 billion in 2019.
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By GlobalDataMoneyHOP CEO Mayank Goyal noted: “As the current health crisis continues to pose challenges towards branch-based and paper-driven banking services, a remittance platform that enables its users to send money abroad from their homes is the need of the hour.”
SBM Bank India Retail and Consumer Banking head Neeraj Sinha said that HOPRemit represents the perfect collaboration of the agility of a fintech and security and compliance of the Bank.
Sinha added: “At SBM Bank we believe that our success lies in the success of our partners. As a result, we have built an ecosystem using our #SmartBanking platform to ideate, create, refine and redefine financial experiences; and in the process empower our collaborators to lead the change.”
MoneyHOP is also in the works of developing a multi-currency mobile banking platform to augment its cross-border offering.
The company is final stages of testing the new solution and is planning for a launch soon.
This new solution, dubbed One Global Card, One Global Account, is mobile app-based digital banking product offering a multi-currency bank account and a card.
Last month, Indian Overseas Bank launched a new savings account called IOB Trendy for the millennial population in the country.
