MUMBAI, India/
PRNewswire/ -- 4xLabs, a fintech start-up, has expanded its regional operations to India with the official launch of its currency aggregator app, Get4x, in Mumbai. The location-based app, which was first launched in Singapore, allows travellers to search for the best foreign exchange rates being offered by money changers in cities like Bangkok, Hong Kong and Singapore.
"We've had a lot of user requests to expand to more cities. Mumbai was a top choice as it's the financial hub of India. According to a recent survey, it is among the 20 most popular cities for tourists with 4.6 million overnight visitors," said Julien Labruyere, founder and CEO of 4xLabs.
While other currency aggregators exist in India, most of them operate on a bidding model. Get4x is different, as it puts the power of choice directly in the hands of the travellers by working with money changers to offer real exchange rates for travellers to make an informed decision on where best to exchange money. With other platforms, the user would be limited to a few offers and may have to choose between rates that are not favourable.
Get4x benefits money changers too, as it allows them access to a new segment of customers. Through the app, users can view money changer contact details so they can reach out directly to confirm rates and arrange for delivery. 4xLabs also develops a product for money changers called Biz4x, that provides live FX rates, management software and a compliance service. Next month, 4xLabs will publish a paper for money changers highlighting the importance of compliance with local regulations to safeguard their business.
"We have seen phenomenal growth in the adoption of Biz4x. Within 6 months, we have onboarded 30% of the money changer market," said Mr Labruyere. Through Biz4x, money changers can enter their live rates for Get4x and receive customer currency orders. In cases where money changers have not updated their rates, Get4x displays an indicative foreign exchange rate that is derived from an algorithm based on real and historical data.
Get4x can be downloaded for free on iOS and Android, and can be accessed online at www.get4x.com. Get4x is rapidly expanding to new cities and will be available in Bali, Kuala Lumpur, Pattaya and Phuket next month.
SOURCE 4xLabs
CONTACT: Angela Cheong, +65-6816-2698, angela@4xlabs.co