NEW DELHI: Kristal.AI, a leading global digital private wealth management platform, has partnered with FlyRemit to offer faster, low-cost global money transfers to facilitate global investments. This partnership will enable investors to get the best foreign exchange remittances at low transaction fees and exchange rate margins, thus solving a major bottleneck in the global investment process.
Traditionally, the remittance process involved an offline transfer, with the investor having to go to the bank and then go through the physical process of sending the funds. While some banks are now offering online LRS, remittances can still take between three and five business days, with a high foreign exchange margin and interbank transfer fees.
The partnership with FlyRemit aims to make global investing transparent, accessible and convenient.
There will be very competitive exchange rates with fees as low as 0.5-1% by Kristal.AI compared to the industry standard of 2-3%.
According to the company, until now, customers who transfer their money internationally have to pay a flat fee of ₹1,000 to ₹2,000, while Kristal.AI has no fixed fees.
Additionally, investors can make multiple trades in a day, without having to open a new bank account.
Commenting on the development, Vineeth Narasimhan, CTO and Co-Founder of Kristal.AI, said, “We set ourselves three goals to transform the remittance experience: an end-to-end digital experience, completing the transfer funds in 1 minute and offer highly competitive exchange rates.We have found the right solution with FlyRemit and together we are happy to offer a fully digital, fast and competitively priced solution to our partners and investors. “
Kristal.AI offers Indian and foreign investors the opportunity to diversify their investments in global assets. It reached a major milestone by having acquired more than $400 million in assets under management in December 2021. The platform has seen five times greater annual growth in its assets under management since its launch in 2016 in Singapore and has grown associated with more than 75 family offices and partners.
Abdul Hadi Sheikh, CEO and Co-Founder of FlyRemit, said, “Working in the RBI sandbox for cross-border remittances, FlyRemit has made the global remittance process frictionless. Our 100% digital KYC process and up to 50% savings compared to traditional money transfers via banks is a game-changer for the market.”
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