Business Daily Media

The Times Real Estate

.

OneHypernet extends wholesale FX rates to SMEs

SINGAPORE - Media OutReach - 22 March 2023 - OneHypernet, a money transfer network that connects financial institutions for foreign exchange (FX) payments, has announced that small and medium-sized enterprises (SMEs) can now access wholesale FX rates for their money transfers / remittances.

In addition, SMEs receive cashback on their transactions. OneHypernet offers price matching via WhatsApp, ensuring that SMEs get the best possible rates.

SMEs are often misled by money transfer pricing
Comparing the cost of money transfers can be tricky because providers present their FX rates and fees differently. Some charge variable fees, some charge fixed fees, and some simply present an FX rate that includes a mark-up.

This makes a like-for-like comparison of FX rates and fees difficult. Instead of comparing fees or FX rates, SMEs should consider the foreign currency amount that needs to be transferred, then compare the final payment in their local currency (net of any fees and cashback).

For example, for a Singapore based SME that is making a payment of MYR 150,000 to Malaysia, the comparison should be made between the final cost in SGD of executing this payment via the different providers.

SMEs save 1-2% on average with OneHypernet
SMEs save 1-2% on average with OneHypernet

The interbank / mid-market or "Google" rate may not be the best rate
Many providers claim to offer transparent pricing by charging a variable fee on top of the interbank rate. However, SMEs should be mindful that this can also be misleading.

For example, if the provider offers a mark-up of 0.50% over the interbank rate, the SME may believe that their "cost" is only 0.50%, because interbank rates are mistakenly used as a proxy for the best possible FX rate.

This is not always the case because money transfer rates can often be better than interbank rates, sometimes by as much as 3%. In this example, if the SME had used a platform with a better FX rate, they could have saved 3.5% on their money transfer, or S$1,575 for a typical SME remittance of SGD 45,000.

Save more with OneHypernet
OneHypernet conducted a comparison of the cost of sending MYR 150,000 on 21 Mar 2023 from popular providers in Singapore. The results showed that SMEs using OneHypernet for their remittances can save up to S$745 for this transaction.

Signing up for a OneHypernet account is free and takes less than a minute via Myinfo / Singpass. For more information, please visit www.onehypernet.com
Hashtag: #OneHypernet #FX #moneytransfer #remittance #SME #MYR #inflation


The issuer is solely responsible for the content of this announcement.

OneHypernet

OneHypernet connects the world's foreign exchange markets on a unified ecosystem powered by enterprise blockchain technology, and has been awarded the Monetary Authority of Singapore (MAS)'s Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant.

News from Asia

Backbase and Synpulse partner to accelerate banking transformation across APAC

Combining Backbase's Engagement Banking Platform with Synpulse's regional expertise to deliver customer-centric solutions SINGAPORE - Media OutReach Newswire - 13 March 2025 - Backbase, the leade...

Technology driving positive outlook for Malaysian small businesses

Malaysia’s small businesses lead the region in innovation Younger entrepreneurs dominate small business landscape AI investment on the rise ...

ST Telemedia Global Data Centres Accelerates AI Ambitions, Achieves Certification under NVIDIA DGX-Ready Data Center Program

SINGAPORE - Media OutReach Newswire - 13 March 2025 - ST Telemedia Global Data Centres (STT GDC), one of the world's fastest-growing data centre colocation service providers headquartered in Singa...

HL Assurance Becomes First in Singapore to Launch Core Travel Insurance Coverage Add-Ons

HL Assurance addresses key concerns for the modern traveller in their new combination of essential travel insurance add-ons. SINGAPORE - Media OutReach Newswire - 13 March 2025 - Singaporeans can ...

USPACE Partners with AICO to Launch 6,000-Satellite Constellation Plan

— Hybrid Constellation Focused on Direct Mobile-Satellite Connectivity to Empower “Belt and Road” Digital Future HONG KONG SAR - EQS Newswire - 13 March 2025 - At the "100 Satellites" exhibition he...

Octa broker receives the 'Best use of AI in fintech' award

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 8 March 2025 - OctaTrader, Octa broker's proprietary trading platform, was recently awarded for the 'Best Use of AI in Fintech 2025' by Global Bu...

Visa offers seamless tap-to-ride experiences for Visa cardholders on Ho Chi Minh City Metro Line 1

HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 13 March 2025 - Visa (NYSE: V), a global leader in digital payments, has continued its role as an Official Co-sponsor of the Inauguration Cer...

Make a Splash This Summer: Celebrate Water and Culture at Five Iconic Bangkok Destinations with ONESIAM

ONESIAM’s Songkran celebrations, part of Siam Piwat’s guest experience program, offer tourists an elevated summer journey through culture, tradition, and immersive festivities BANGKOK, THAILAND - ...

DHL Express Hong Kong becomes the Official Partner of Kai Tak Sports Park

Both parties will collaborate to drive the growth of sports and entertainment events to the city and help to foster the development of Hong Kong into a premier hub for mega live events ...

Henkel presents the next edition of the Martha Schwarzkopf Award for outstanding female scientists

DÜSSELDORF, GERMANY - Media OutReach Newswire - 13 March 2025 - For the fourth time, Henkel is proud to present the Martha Schwarzkopf Award for Women in Science, dedicated to supporting and empow...

Empowering small businesses: Localsearch rolls out affordable digital solutions

New suite of digital solutions designed to boost visibility, engagement, and customer acquisition In response to a rapidly evolving digital lan...

Why Responsible Leadership is a Competitive Advantage for Small Businesses

In today’s fast-changing business landscape, leadership is evolving. While large corporations are reassessing their diversity, equity, and inclusi...

Why it’s a great time to include the EU in your export push

With the US market beset with unknowns, training your sights on mainland Europe in 2025 makes sound sense. Wondering whether the introduction o...

Success Isn’t About Labels—It’s About Mindset

In the lead up to International Women’s Day, I’ve been reflecting on my own success as a business owner and whether or not being a woman has playe...

Accelerate Action- Thryv champions women in business for International Women’s Day

Thryv® (NASDAQ: THRY), provider of the leading small business software platform, is celebrating International Women’s Day by shining a spotlight o...

Sydney Startup Launches AI Platform To Lead the Charge on Gender Pay Gap Action

EvenBetter.ai launches in Australia with First Customers Knight Frank and Fuji Australia Sydney-based startup EvenBetter.ai has today launched th...

Sell by LayBy