Saturday, June 15, 2024

Sokin to transform Canada’s remittances industry with its global currency account

Sokin, the next generation global payments provider, has pledged to support Canada’s estimated 8 million** international migrant population by giving consumers who are sending money overseas access to 51% cheaper global money transfers*. 

Sokin’s Global Currency Account, which has already enjoyed success in 32 countries, is an inclusive and cost-effective alternative to Canada’s current remittances system known for being expensive, complicated, and slow. Since its August 2021 product launch, Sokin has amassed 60,000 registrations to its platform with a further 100,000 on its global waiting list.  

Founded in 2019, Sokin makes moving and managing money across borders cheaper, transparent, and convenient. Consumers living and working in Canada can access a larger international reach than is currently available via alternative providers on the market, setting itself apart from well-known high fee charging brands, with notable names departing the Canadian market in recent months. 

Sokin is the first payments platform to take the subscription model – like Spotify and Netflix – and allow consumers to receive and send unlimited money transfers and access cost-effective currency exchange in 38 currencies, such as Rupees, Peso, Dollar, to over 200 countries and territories for one fixed monthly fee, without any hidden charges.   

Sokin is equipped to support Canada’s growing migrant population, which includes nationalities such as India, China, the Philippines, Pakistan, Nigeria, and the United States, due to a large portfolio of currencies and an app interface which remains the same, no matter the user’s location. The Sokin Global Currency Account can also be accessed in French as well as English, Portuguese, Spanish and German. 

“The Canadian market is huge for Sokin as we strongly believe our Global Currency Account can help all Canadians who need a low-cost alternative to the current remittances system known for being expensive and time consuming,” commented Vroon Modgill, CEO at Sokin. “Canada has an advanced payments system and our digital, customer first offering provides something on a much larger scale with significant cost savings that all Canadians can access.”  

Vroon concluded: “As an organisation committed to improving the lives of others, we are focused on simplifying and democratising the current process and provide a digital payment solution suitable for different communities living and working in Canada.”   

*Based on the avg. digital remittance cost of USD200 using Sokin’s basic account. Data source: World Bank 

** Migration Data Portal: Canada profile, updated 2020

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