Payments provider Sokin has teamed with Visa to roll-out its global currency account and debit cards across Asia Pacific.
According to Sokin, this multi-year agreement with see Visa support Sokin with its digital banking solutions and card services across multiple Asia Pacific countries and targeting the region’s 107 million migrant population.
The PayTech firm is looking to transform APACs financial services landscape by providing the region’s population with an alternative to traditional banking services with the introduction of currency account and debit card.
Established in 2019, Sokin claims it is committed to supporting economic migrant workers across the world by making moving and managing money across borders cheaper, transparent and convenient. The company said it has already enjoyed success in over 32 countries since the launch of its digital wallet and debit card with 120,000 registered users and 175,000 on its global waiting list.
Sokin is the first payments platform to bring the subscription model to the market, enabling consumers to receive and send unlimited money transfers and access cost-effective currency exchange in 38 currencies for one fixed monthly fee.
Sokin founder and CEO Vroon Modgill said, “This partnership with Visa is fundamental in Sokin being able to help people in Asia Pacific countries and territories access inclusive and cost-effective financial service products. We look forward to building a strong partnership with Visa to deliver our Global Currency Account and debit card to this region with the ambition to become the leading independent provider for Asia Pacific, delivering the services and support people really want and need to fulfil their financial aspirations.”
In late 2021, Sokin entered the Canadian remittances sector to help support its growing migrant population with cheaper money transfers globally. The company also expanded into Brazil with the launch of its inclusive global currency account and pre-paid debit card.
The company – backed by ex-footballer Rio Ferdinand – also teamed with Arsenal FC in September last year to become its new official money transfer partner.
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