Bengaluru, April 14, 2021: moneyHOP, India’s first cross-border neo bank today, announced its collaboration with SBM Bank India , India’s youngest universal Bank, to launch ‘HOPRemit’. It is an instant, cost-effective and contactless international remittance service, custom made for Indian millennials.
This is an accessible and flexible channel that enables users to remit in four easy steps – select the destination, currency, and the amount; complete a digital KYC; add recipient’s details; make the payment online – and the money is on its way within minutes.
After receiving the funds, transfer instructions get processed immediately and money gets credited to the recipient’s account within 24 hours. HOPRemit promises complete transparency in the entire process and no hidden charges are levied.
Speaking on the launch of HOPRemit, Mayank Goyal, CEO, moneyHOP, said, “Even though domestic mobile payments rose by 163% to $287 billion in 2019 in India, international money transfer is still an extensively paper-driven and expensive procedure. One of the UN’s sustainable development goals is to reduce the global cross-border remittance fee to under 3% by 2030 and from 7% where it currently stands. Therefore, moneyHOP has come up with a digital and affordable model for international money transfers. As the current health crisis continues to pose challenges towards branch-based and paper-driven banking services, a remittance platform that enables its users to send money abroad from their homes is the need of the hour.”
Commenting on the collaboration, Neeraj Sinha, Head – Retail & Consumer Banking, SBM Bank India, said, “HOPRemit represents the perfect collaboration of the agility of a fintech and security and compliance of the Bank. At SBM Bank we believe that our success lies in the success of our partners. As a result, we have built an ecosystem using our #SmartBanking platform to ideate, create, refine and redefine financial experiences; and in the process empower our collaborators to lead the change. What’s banking, if not progress persisting! We are thrilled to partner with moneyHOP for more such solutions in the future.”
moneyHOP is also building One Global Card, One Global Account – a multi-currency mobile banking platform to augment its cross-border offering. The HOP app is in its final test stage and will be ready for launch soon.
It is a mobile app-based digital banking solution offering a multi-currency bank account and a card and the ability to do on-demand, near zero% mark-up currency exchange.
One can apply for an account through the app, and the user gets onboarded using digital KYC. The user is instantly issued with a multi-currency account and a card. It is a INR savings account with foreign currency pods linked to it. The app enables the user to deploy banking activities such as save, invest, borrow and spend. One can conduct on-demand 0% mark-up currency exchange by clicking a few buttons on the app. The user can use either the virtual card on the app to transact using NFC or a contactless physical card to pay at POS, withdraw money or use for online transactions. The HOP card acts like an amalgamation of Debit, credit and FX card. Needless to say, the Hop app will provide state-of-the-art user experience and customised rewards.