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Fintech Opal’s new offering promises less costly cross-border banking for SMEs

Singapore – End-to-end payment solutions provider, Opal, has launched its new product offering called ‘Global Digital Business Account for SMEs’, which allows businesses access to a less costly and more convenient form of international payment and cross-border banking.

The new product offering provides named accounts to Opal’s customers, making it convenient for their customers to receive payments quickly in major markets such as the United States, the United Kingdom, and Europe, amongst others. 

Moreover, it also provides access to local payment networks in 21 countries, allowing payment to be made quickly and cheaply in the said countries. This also provides easy access to these markets without the need to set up business operations in these territories.

Ming Wang Lim, Opal’s co-founder, shared that they often face high charges and barriers such as unreasonable costs and delayed timings, while making payments or receiving payments for their business, and these issues are amplified in this post-COVID era where cashflows need to be unimpeded and every cost-saving is vital to a company’s financial health.

“With the Global Digital Business Account, these issues are addressed and resolved. Our customers can operate almost like a local in various markets, with the same agility. It gives them the same advantage as larger MNCs and provides access to markets without the need to set up business operations in multiple countries,” said Lim.

Opal said that the new offering can also receive funds from up to 33 different currencies and send funds via a local payment network for 21 currencies, helping SMEs streamline their business transactions and enjoy greater efficiencies.