Sokin, the next generation payments provider, is set to disrupt India’s $87bn remittances market by giving the 18 million Indian migrants living outside their homeland access to 51% cheaper global money transfers.
The news follows Sokin’s recent multi-year partnership announcement with Visa to bring its innovative digital account and debit card to Asia Pacific countries and territories.
Founded in 2019, the London-based fintech is equipped to support India’s vibrant migrant population in regions and countries such as Europe, US, Australia, UK and Canada by providing its consumers the ability to send money across borders cheaper, transparent, and convenient. The start-up has already enjoyed success in over 32 countries since the launch of its digital wallet in August 2021 with 120,000 registered users and 175,000 on its global waiting list.
Sokin gives those living and working outside of their native country looking to send money back home access to 51% cheaper global money transfers*** over a larger international reach than is currently available via alternative providers on the market. Using Sokin, consumers can send unlimited money transfers and access cost-effective currency exchange in 38 currencies to over 200 countries and territories for one fixed monthly fee.
Customers living in India can download the feature rich, holistic Sokin app designed to be an alternative to the traditional banking system. Features include the ability to receive Indian Rupees from beneficiaries living overseas, send money transfers to other Sokin customers in India for free, bill payments and recharges, debit card controls, payments assist, nominee back-up, linked trading accounts and access to various customer offers.
A launch which is personal and close to the heart of founder and CEO, Vroon Modgill, commented, “Sokin was born from humble roots, and I am excited to bring our ethos to my homeland. As a first-generation Indian immigrant, I watched first-hand as my father struggled with sending money back to India regularly. The whole experience was stressful, expensive, and time-consuming. Unfortunately, this was a process he repeated religiously for many years. I knew there was a better way for economic migrants, like my father, to transfer money to loved ones across the world. Sokin has committed itself to creating a streamlined and accessible payments process for all; introducing it to India is very special indeed.”
India is well-known for having a large native resident outflow**, with many choosing to emigrate for work, to study abroad and for family reasons. Sokin’s digital wallet is an alternative to traditional banking services; and one which is truly inclusive and accommodates India’s vibrant remittance market by removing the barriers which prevent people achieving their economic potential.