Partners with cross border remittance service, FlyRemit, to offer low-cost and faster global remittances to bank & wealth management partners and investors
Kristal.AI, a digital-first global private wealth management platform, has today announced its partnership with FlyRemit to offer low-cost, faster global remittances to ease global investing. This partnership will enable investors to secure the best foreign exchange remittances at low transaction charges and forex mark-ups, solving a major bottleneck in the process of global investing.Traditionally, fund transfer process has involved offline transfer with the investor having to visit the bank and then carry out the physical process of sending the funds. While some banks now offer online LRS, remittances can still take between 3-5 business days along with high forex mark-up and interbank transfer charges.
The partnership with FlyRemit aims at making global investing seamless, accessible, and convenient. Following are some of the features of this offering:
- Highly competitive forex rates with charges as low as 0.5% to 1% by Kristal.AI as compared to 2% to 3% industry standard
- So far, clients transferring their money internationally face a fixed charge of Rs. 1,000 to Rs. 2,000. Kristal.AI has Zero Fixed Charges.
- With the partnership with FlyRemit, customers might save up to Rs. 5000 per transaction
- Ease of transferring up to USD 5,000 immediately
- Investors can make multiple transactions in a day, without having to open a new bank account
- No transaction charges and a fully digital experience
Mr. Abdul Hadi Sheikh, CEO & Co-Founder of FlyRemit, said, “Working under the RBI's sandbox for cross-border remittances, FlyRemit has made the global remittance process frictionless. Our 100% digital KYC process and up to 50% saving compared to conventional remittances through banks, is a game-changer for the market. Kristal.AI has been at the forefront of innovation in democratizing overseas investments for Indians. While integrating, we saw the same enthusiasm of customer-first approach using technology displayed by team Kristal.AI. The ethos of both the firms matched and it was one of the fastest and seamless integrations we've done.”
Kristal.AI offers avenues for Indian and foreign investors to diversify their investments into global assets. It has crossed a major milestone having acquired over USD 400 million as assets under management in December, 2021. The platform witnessed 5X annual growth in its AUM, since its launch in 2016 in Singapore and has partnered with over 75 family offices and partners.
About Kristal.AI:
Kristal.AI is a digital-first private wealth advisory and fund management group, serving affluent clients globally to meet their varied investment needs. Their goal is to make investments accessible, efficient, and hassle-free by bringing together the best of Data Science, Artificial Intelligence, and Human Expertise. They unlock global investment opportunities for the mass affluent and HNI investors, through association leading wealth managers & banks. Kristal.AI’s RM App lets partners initiate and manage their clients' global investment journey and also use their advisory algorithms to identify the most suitable investments to meet their clients' evolving financial goals and investment appetite. The diverse team comprises 130+ people, backed by a strong and supportive management team with extensive work experience in JP Morgan, Citibank, Merrill Lynch, Standard Chartered, BNP Paribas, Yahoo, Cognizant, and IBM Security, in the areas of Fund Management, Trading, Sales & Advisory, & Technology.
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