MoolahGo: Marketplace for Currency Exchange and Money Transfer
Individuals who frequently travel for business purposes, recreational activities, and family outings are often left with the unspent foreign currency, which they struggle to return due to high exchange rates. But what if they could sell the unspent money online without having to spend hours at the brick-and-mortar exchange bureaus? Singapore-based MoolahGo’s e-Marketplace transactions engine makes such possibilities a reality. The company’s platform even allows users to earn reward points along with better exchange rates. These benefits proved significant to an SME that purchases supplies from various Southeast Asian countries using telegraphic transfers (TT) via the banks. The SME associates with MoolahGo to employ its e-Marketplace platform to carry out their transactions efficiently. The transactions could cost the SME up to 10 percent of the amount being transacted and also require filling up the forms at the bank manually when the firm was not using the platform. On the other hand, today, the SME has a highly competitive exchange rate, fast service, and saves significantly on costs.
MoolahGo is a Fintech startup that caters to many such needs of businesses and individuals. “Our corporate offering is not a cookie-cutter solution but was adopted specifically for that SME client’s business. This is where our founders’ past consulting experience proved to be beneficial in providing advice to clients and creating customized APIs to connect our systems,” mentions John Hakim, the founder and CEO of MoolahGo.
MoolahGo’s transactional services are accessible for a broad range of customers including users who do not possess bank accounts
For money transfer transactions, the company provides a same-day payout for the common remittance destinations. The company charges a low service fee for all currencies and amounts that are exchanged or transacted using its e-Marketplace platform. It allows the users to leverage a set of ‘trading-like’ features comprising foreign exchange transactions based on market rate, floating rate, or fixed rate. MoolahGo’s transactional services are accessible by a large customer base including users who do not possess bank accounts. The company caters to such clients’ needs by accepting cash payments while deploying policies or processes to manage the risks associated with cash payments. The MoolahGo platform is licensed and regulated by the Monetary Authority of Singapore (MAS), and also complies with the strict anti-money laundering and countering terrorism financing regulations mandated by the city-state central bank/regulator.
Even though MoolahGo is new to the market, it has already processed transactions worth more than a million Singapore dollars and signed up hundreds of users. “We have several projects in the pipeline that will keep us busy for the next 12-24 months. Multi-currency e-Wallet, regional expansions, and additional financial product developments are some of the key initiatives planned for the future,” reveals Hakim.