International payment solution and infrastructure developer Currencycloud will help Bano, a new Australia-based financial superapp, launch its FX Converter tool to make remittances easier.
FX Converter is a major part of Bano’s goal of simplifying finances for millennials and Gen Z.
The financial superapp enables users to split bills with friends, make requests for payments, use a physical or digital Bano Visa card, access an overdraft and trade stocks. Additionally, it offers cashback, rewards and promotions.
By working with Currencycloud and integrating its APIs, Bano has access to Currencycloud’s low FX rates, which it claims are the lowest AUD to USD conversion rates in the country. With this, Australians have a low cost for US stock trading.
Bano head of financial markets and treasury Randall Maccan said, “Bano is committed to simplifying financial management for Australia’s GenZ and Millennials. Enlarging the breadth of our superapp services with products like the FX Converter is a key part of this mission. Our partnership with Currencycloud has meant we can create a product that will provide a much-needed service for our customers, especially international students in Australia.
Currencycloud develops a range of payment solutions for banks, FinTechs and FX brokers.
Speaking on the partnership, Currencycloud managing director of APAC Rohit Narang said, “Bano wants to create an easier financial life for Australians and the internationals living there. Like Bano, we are committed to making finance accessible to everyone. The FX Converter helps people instantly access funds without high fees, and we are delighted to be part of this solution.”
The FinTech company has had a busy year. It was granted an Australian Financial Services (AFS) licence by the Australian Securities and Investments Commission earlier this month.
It also teamed up with Switzerland-based Velanis AG to support the launch of Swinto, a new remittance app.
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