SINGAPORE, Feb 10, 2022 — Opal, a Major Payment Institution licensed by the Monetary Authority of Singapore has launched a Global Digital Business Account for SMEs.
This latest product offering from Opal will allow businesses access to a less costly and more convenient form of international payment and cross-border banking.
Lim Ming Wang, CEO and Co-Founder, Opal
The Global Digital Business Account is an ideal financial tool for SMEs with global ambition and outreach. It provides named accounts to Opal’s customers, making it convenient for their customers to receive payments quickly in major markets such as the US, UK, EU, and others.
Opal’s new product offering also provides access to local payment networks in 21 countries. This allows payment to be made quickly and cheaply in countries such as the US, UK, Euro, China, and others. It provides easy access to these markets without the need to set up business operations in these territories.
Lim Ming Wang, Co-founder of Opal says, “We are aware SMEs face hurdles when it comes to business transactions on a global scale. They often face high charges and barriers such as unreasonable costs and delayed timings, while making payments or receive payments for their business. These issues are amplified in this post-covid era where cashflows need to unimpeded and every cost-saving is vital to a company’s financial health.”
“With the Global Digital Business Account, these issues are addressed and resolved. Our customers can operate almost like a local in various markets, with the same agility.
“It gives them the same advantage as larger MNCs and provide access to markets without the need to set-up business operations in multiple countries.”
The Opal Global Digital Business Account can receive funds from up to 33 different currencies and send funds via a local payment network for 21 currencies. With its ability to receive, send, hold and convert funds, it helps SMEs streamline their business transactions and enjoy greater efficiencies.
It will provide great value to SMEs around the region who need to collect, make international payment via local network, and hold funds in multiple currencies
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