FEATURE : DIGITAL TRANSFORMATION
OPAL and Currencycloud enable SMEs with fast , seamless B2B payment across APAC
Zvi Appel , Co-founder and CEO of Singapore-based neobank start-up OPAL , on working with Currencycloud to revolutionise the financial landscape for SMEs .
OPAL is a Singapore-based neobank startup established in 2019 and licensed as a Major Payment Institution ( MPI ) by the Monetary Authority of Singapore ( MAS ) to offer domestic and cross-border payments , payment accounts and e-money .
In February 2022 , OPAL successfully launched its flagship offering , Global Digital Business Account , to provide SMEs with an innovative form of international payment and cross-border banking , offering costefficiency and convenience .
OPAL credits Currencycloud for playing a crucial role in this launch by providing the APIs to deliver a seamless , user-friendly experience to its SME customers .
In the development of the Global Digital Business Account service , OPAL wanted to give SMEs the ability to make smooth and seamless cross-border collection of payments and transactions with the convenience of a single account . However , going at it alone presented several problems , including significant investment to establish relationships with banks across the US , Europe and APAC – all of which would weigh on the manpower and capital resources of a young start-up .
According to Zvi Appel , Co-founder & CEO , OPAL , amongst the different paytech firms the company evaluated , Currencycloud stood out because of its dedication to innovation and fostering collaboration – which align with OPAL ’ s mission to revolutionise the financial landscape for SMBs .
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