NTT Com, Singapore fintech firm to offer fixed-rate forex service
SINGAPORE, NNA - NTT Communications Corp. will begin offering a foreign exchange service at fixed rates soon in cooperation with a Singapore fintech startup to help increase travelers to Japan.
NTT Com and M-Daq Pte. Ltd. will allow partnered retailers, restaurants and other businesses in Japan to exchange foreign currency at rates fixed for 24 hours or other designated periods, enabling foreign visitors to know prices in advance, according to the Tokyo-based company.
Starting later this month, the Home Currency Anywhere service will permit visiting travelers to pay prices in their own currency free from rate fluctuations.
The duo aim at posting 5 billion yen ($46 million) in earnings from the service in the fiscal year through March 2026, an NTT Com spokesman told NNA on Wednesday.
The company did not disclose how much it had invested in M-Daq, but the spokesman said it was several hundred million yen.
They are also considering providing foreign exchange services that enable users to convert foreign e-money to Japanese e-money.
Founded in 2010, M-Daq offers multiple foreign exchange services for cross-border transactions using foreign currency demand-forecasting algorithm and other fintech expertise aimed at minimizing forex fluctuations. (NNA/Kyodo)