Startups target banks’ SME customers

Small opportunities: Fintechs have an opportunity to drive growth in the foreign exchange payments segment, but only where volumes are small. — Reuters

REVOLUT and TransferWise are signing up thousands of small businesses a month for foreign exchange payments, touting slicker service and lower fees as they try to take on banks in a sector with flows of US$7 trillion (RM29 trillion) a year.

The British money transfer firms have expanded by targeting the retail market with offers of cheaper and faster ways to send cash internationally.