Sunday, June 16, 2024

Sokin partners with Visa to bring innovative digital accounts to Asia Pacific

Sokin, the next generation payments provider, has partnered with Visa as the London-based fintech prepares to roll-out its inclusive Global Currency Account and debit cards across Asia Pacific.

Founded in 2019, Sokin is committed to supporting economic migrant workers across the world by making moving and managing money across borders cheaper, transparent, and convenient. Sokin has already enjoyed success in over 32 countries since the launch of its digital wallet and debit card in August 2021 with 120,000 registered users and 175,000 on its global waiting list.

Sokin is the first payments platform to take the subscription model – like Spotify and Netflix – which allows consumers to receive and send unlimited money transfers and access cost-effective currency exchange in 38 currencies to over 200 countries and territories for one fixed monthly fee. There are no hidden charges and Sokin prides itself on its commitment to providing market beating FX rates. Sokin gives consumers access to 51% cheaper global money transfers* over a larger international reach than is currently available via alternative providers on the market.

With this multi-year agreement, Visa will support Sokin with its trusted and secure digital banking solutions and card services across multiple Asia Pacific countries, targeting the region’s 107 million** migrant population. Sokin also looks to transform the Asian and Pacific financial services landscape on a local scale by giving the region’s 4.6 billion population an alternative to traditional banking services with the launch of its Global Currency Account and Visa debit card.

“This partnership with Visa is fundamental in Sokin being able to help people in Asia Pacific countries and territories access inclusive and cost-effective financial service products.” Vroon Modgill, founder and CEO at Sokin commented. “We look forward to building a strong partnership with Visa to deliver our Global Currency Account and debit card to this region with the ambition to become the leading independent provider for Asia Pacific, delivering the services and support people really want and need to fulfil their financial aspirations.”

*United Nations: Asia-Pacific Migration Report 2020

**Comparison based on the average digital remittance cost when sending USD200 using the free Sokin Basic account to a Sokin Wallet user. Data sourced from the World Bank

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