Pay2Home Wins AustCham Award
David Hulme and Wayne Salamonsen named Top Entrepreneurs
SINGAPORE, 18 November 2005 Pay2Home, a local money transfer and payment service startup founded by two Australians, today won the Entrepreneur Award at the AustCham Business Awards ceremony.
Each year, the award is presented to a company to recognize outstanding performance that embodies the entrepreneurial spirit of the Australia-Singapore business relationship. This year, Pay2Home was selected for its creative and innovative technology solutions in the global remittance business.
Pay2Home Co-Founder, David Hulme, said: "As entrepreneurs, we could not have advanced so far without the dedication of our staff and the support of shareholders including the Economic Development Board and the Infocomm Development Authority."
By building an easy to use Business-to-Business payment platform using innovative technology, Pay2Home is disrupting a payments industry riddled with inefficiencies in international banking systems and outdated technology.
"We identified a long-term gap in the industry where end users were frustrated with high costs, hidden costs, time delays and limited services to meet individual needs," said Mr Hulme.
"Pay2Home is a result of us wanting to create a business with a difference, to develop greater efficiencies while at the same time, to enhance services to migrants, migrant workers and expatriates who are the backbone of the industry."
Explaining how Pay2Home's proprietary technology allowed licensed remittance firms and banks to offer secure and low-cost funds transfer and payment services under their own brands, Mr Salamonsen said: "Currently a remittance company that wants to make a funds transfer to a foreign country has to either forge a tie-up with a bank there, or go through a domestic bank to facilitate the remittance."
"With our technology, that often inefficient and costly middle part of the process is replaced, making funds transfers cheaper, faster and more reliable."
"We help keep their business investment and maintenance costs low, which ultimately lowers costs for the end user."
- Wayne Salamonsen
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