10 January 2017
From humble beginnings to a recognized name in the Hong Kong online money transfer industry, ONEPIP is proud to announce that it has been granted a remittance license from Singapore’s central bank, the Monetary Authority of Singapore (MAS).
ONEPIP has set foot in the Hong Kong early in 2014, and has provided currency trade and remittance services to clients amounting to more than HK$ 5 billion in 2016. Leveraging on the knowledge and expertise that it has gained from conducting business in Hong Kong, ONEPIP aims to bring it’s unique value proposition to Singapore.
“The license will enable ONEPIP to introduce a cheaper, faster, and more convenient mode of global transfer for Singapore residents who need to make payments overseas”, said Lee En Hui, Executive Director and CEO of ONEPIP Group.
Apart from affordability and speed, ONEPIP understands the importance of credibility. “As customers, ourselves, we have concerns regarding the safety and security when performing international fund transfers. Hence, we have streamlined our operational processes to be fully compliant with stringent AML/CFT processes, established by MAS, one of the most highly respected regulators in the world.”
With an estimated 4.7 million internet users in Singapore¹, ONEPIP hopes that their technology driven business model can change the current way money is being transferred. “Technology has become an integral part of our lives, instead of its initial sole purpose of being used as a tool of assistance. We are looking to replace the conventional way of money exchange and transfers with the integration of technology”, says Jazz Peh, Manager of Technology Services.
“We intend to improve the user experience for money transfers by making long lines at physical money exchange outlets obsolete. With ONEPIP, customers will not only be able to maximize their savings for their international transfers. They are also able to save a considerable amount of time as everything, from the registration process to the transfers, can be done instantly, anywhere, anytime.”
ONEPIP has commenced remittance services in Singapore on 1 January 2017 and has plans to have businesses incorporated in other jurisdictions in future.
¹Source: Internet Live Stats