SINGAPORE/LONDON (April 27): TransferWise, the London-based startup backed by investors including Peter Thiel’s Valar Ventures and Andreessen Horowitz, is bringing its international money transfer service to Singapore, aiming to shake up banks’ dominance of the market.

By using TransferWise, consumers in Singapore will be able to send money overseas at a cheaper cost than using banks because it offers better exchange rates, according to co-founder Taavet Hinrikus. The company’s fees range from 0.5% to 1% and it will work with DBS Group Holdings to access local payment networks.

TransferWise, which transfers US$1.2 billion ($1.7 billion) for customers every month, is the latest contender in a race to reshape the cross-border market in Singapore. Vertex Ventures-backed Instarem and MatchMove Pay, backed by Vickers Venture Partners, have joined a wave of financial technology startups that say they can offer better remittance services.

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