Payments provider Sokin has entered the Canadian remittances sector to help support the country’s growing migrant population with cheaper money transfers globally.
The company has pledged to support migrants in Canada who are sending money overseas by providing them access to 51% cheaper global money transfers through Sokin’s Global Currency Account.
Founded in 2019, Sokin is a global payments provider that enables payments for both consumers and businesses. The company delivers the payments for a fixed fee and is also commission free.
Since it launched in August 2021, Sokin has secured 60,000 registrations to its platform with a further 100,000 on its global waiting list.
Through Sokin entering the Canadian market, consumers living and working in Canada can access a larger international reach than is currently available in the market.
Sokin remarked that it is the only payments platform to take the subscription model – such as like Netflix and Spotify – and enable consumers to receive and send unlimited money transfers and access cost-effective currency exchange in 38 currencies to over 200 countries and territories.
Sokin CEO Vroon Modgill said, “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. 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.”
“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.”
Earlier this year, Sokin teamed with Arsenal FC to become its new official money transfer partner.
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