Transforming the money-changing world
ABOUT THIN MARGIN
Thin Margin is Singapore's first 24/7 online money-changer, licensed by the Monetary Authority of Singapore (MAS), and the Singapore Tourism Board (STB). Thin Margin also won the Singapore FinTech Award in 2018, awarded by The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS).
We’d like to avoid giving you a cliché story of how our company was started out of frustrations, but we have to. Because it’s true.
While there are many cashless options available today, cash is still the most reliable and affordable way to make payment overseas. And even though we worked in the central business district (CBD) where money-changers are plentiful, getting foreign currencies was still a painful process.
The painstaking journey usually looks like this:
Walk to the ATM: 5 minutes
Queue at the ATM: 1 - 5 minutes
Walk to the money-changer: 1 - 2 minutes
Queue at the money-changer: 3 - 15 minutes
Walk back to the office: 10 minutes
The founding team used to travel a lot for both work and holidays, and physically getting foreign currencies the traditional way could waste precious time and energy. One of us used to get it frequently at the airport, but it comes with a very high cost.
We then thought, if you can have everything from food to pets delivered to you, why not foreign currencies too?