SettlePay

Fintech Firm Launches with Push for Transparency

March 4, 2024         By: Mike Dautner

With the rise of financial technology, people across the world are gaining easier access to all sorts of financial services.

Part of this global integration of fintech is the introduction of foreign currency exchange platforms that allow people from across the world to exchange global currencies with ease.

A new firm, named SettlePay, has launched its platform in a curious way. The firm wants to bring extra transparency to the sub-industry to benefit consumers.

Like other fintech currency exchanges, SettlePay allows customers to easily find current currency exchange rates. But it also provides a unique tool through its platform.

SettlePay allows customers to check past money transfers to see if they’ve been ripped off. SettlePay will break down the transaction, including and fees or charges incurred on the transfer.

The young company hopes that by providing this information, people who often transfer money overseas can see just how much they are potentially losing.

SettlePay is launching at a time when the financial technology sector has matured enough that people are beginning to discuss the regulation of the industry.

People are concerned that if fintech is unregulated and unbalanced, there could be far too much potential for fraud and abuse.

Recently, a Chinese peer-2-peer payment company was found guilty of offering fake products. Additionally, regulators in the UK are also pushing for further reforms to ensure the fintech industry is both healthy, supported and regulated for safety.