London-based fintech Sokin is seeking to make the process of sending money back home for Indian migrants a lot more seamless.
The payments provider aims to grant 18 million Indian migrants living outside their native home access to cheaper global money transfers up to 51%.
Along with its newly-inked partnership with Visa, Sokin users have the ability to transfer unlimited amounts of money in over 38 different currencies to 200 countries through a cost-effective currency exchange.
By downloading the Sokin app, Indian nationals and migrants have the ability to receive Indian Rupees from overseas whilst also being able to send money to other recipients across the globe.
Furthermore, Sokin users have the option to link trading accounts, access customer offers and control their debit card controls, bill payments and recharges.
CEO of Sokin, Vroon Modgill, commented: “Sokin was born from humble roots, and I am excited to bring our ethos to my homeland.
“As a first-generation Indian immigrant, I watched first-hand as my father struggled with sending money back to India regularly. The whole experience was stressful, expensive, and time-consuming. Unfortunately, this was a process he repeated religiously for many years.”
Modgill and Sokin have already integrated their app in regions such as Europe, US and Australia. After launching its digital wallet in August 2021, Sokin has experienced success with the wallet available in 32 countries.
India has a high resident outflow, with many choosing to emigrate for working purposes. Sokin’s digital wallet provides economic potential that previously did not exist in India and only enables India’s ever-growing remittance market.
“I knew there was a better way for economic migrants, like my father, to transfer money to loved ones across the world,” Modgill added.
“Sokin has committed itself to creating a streamlined and accessible payments process for all; introducing it to India is very special indeed.”