Saxo Payments Banking Circle Members Can Now Transact in Six New Currencies

Saxo Payments announced that they are adding six new global currencies to their list of Saxo Payments Banking Circle.

Saxo Payments Banking Circle enables its members to make bank transfers on their own name without relying on their local banks to pay suppliers and other business partners.

Since launching, the competitive pricing structure offered by Saxo Payments Banking Circle has become a popular alternative to traditional banking channels for FinTech firms who need to make international transfers. In addition, merchants who joined the Saxo Payments Banking Circle can also benefit tremendously, as they can make instant transfers among members without incurring a landing fee to a recipient.

The global transaction service provider said in a press release that members of the Saxo Payments Banking Circle can now initiate international funds transfers in United Arab Emirates Dirham (AED), Hong Kong Dollar (HKD), Romanian Leu (RON), Saudi Riyal (SAR), Singapore Dollar (SGD), and the South African Rand (ZAR).

With the addition of these six new currencies, Saxo Payments would now support a total of 26 currencies.

Commenting on the addition of six new global currencies to the list, Chief Executive Officer of Saxo Payments, Anders la Cour, said that “with the addition of these new currencies, we are opening up cross border payments for an even wider range of businesses.”

“The launch of the Banking Circle in 2015 was designed to help payments businesses reach new markets worldwide, without the financial and process burdens of traditional banking,” said Mr. Cour. “We are helping our members and their partners make global transfers in a wide range of currencies,” he added.

While the initial 20 currencies offered by Saxo Payments focused on covering traditional trading nations, these six new currencies would help them break into the emerging economies, where the bulk of the FinTech growth would likely to be in the coming years.