Money gets its value only when exchanged. That exchange has to be fast, ease and in quick succession. The more the Money gets revolved, the more it brings value. The process of exchange of money is Remittance Function, handled by bank across borders. The process driven banks increase the costs thereon making it difficult for movement of money for trades and services for SMEs and Micro SMEs.
With the advent of Licensed Payment service Institutions, arena have gotten a boost amongst many Fintechs here in Singapore. bp$ is one such Fintechs operating exclusively on the Payments . Our focus is to arrange the bank account for companies that have just started, remained dormant for few years/months etc, owned by Foreigners and hence not able to have full fledged office here in Singapore etc. Traditional banks have been looking for local sharholding or local presence with physical office in order for them to have a bank account opened. At this Juncture, Further, most of the companies require funds in and out, movement of Money in succession for trades/rather than full-fledged banking functions of cheques/trade finance/loans etc. bp$ -Borderless Payments help companies to perform Remittances faster and cheaper than the traditional banks.