FTFT unit, Currencycloud team on Remittance app


Future FinTech Labs, a subsidiary of blockchain player Future FinTech (FTFT), and Currencycloud, a global payments platform owned by Visa and authorized to transfer money in a number of US states, are working together on a new fund transfer app.

Called Tempo, the app is designed to make it easy to send money from the United States to recipients in North America (Canada and Mexico), Europe (Austria, Belgium, Czech Republic, France, Germany, Hungary, Italy , Poland, Portugal, Spain, Sweden and the United Kingdom), Australia, India and the Philippines, according to a press release on Monday, September 12.

“Tempo represents an easy, fast and secure way to move money across borders,” Sean Liu, chief executive of FTFT Labs, said in the statement. Working with Currencycloud has allowed his company to “give our customers a seamless product from start to finish,” he said.

Tempo is available in the Apple and Android app stores.

The vehicle to facilitate the transfers is a multi-currency digital wallet, says today’s announcement. Among its features is easy access to customer service help.

FTFT Labs plans to “continually add new features to the app,” according to the release.

“Migrants in the United States should be able to send money abroad frictionlessly and without prohibitive costs,” Currencycloud Vice President of Sales Lewis Nurcombe said in the statement. “A fintech company like Future FinTech Labs understands the needs of workers who want to send money to family and friends, and as such is successfully reinventing the way money flows for this huge market. .”

Currencycloud claims to have processed more than $100 billion in transactions involving 180 countries since the company launched in 2012.

Last week, Future FinTech announced one if its subsidiaries go ahead with plans to acquire a Korean financial services company that specializes in providing online brokerage services. Details of the transaction are to be finalized after due diligence is completed, according to a press release.

New PYMNTS study: The integration of digital banking

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

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