Malaysia-based GAT Investment Bank is partnering with Google Ventures-backed fintech firm Currencycloud to launch GAT Money, a new global banking app for cross-border payments.
GAT Investment Bank Limited is a global investment banking, securities and investment management firm that provides a wide range of financial services to a diversified client base, including corporations, financial institutions, and individuals.
The app claims to offer “access to competitive foreign exchanges (FX) rates and an extensive cross-border collections and payments network”.
With the fintech's multi-currency virtual accounts, the bank said it can enable clients to "seamlessly" collect, convert, pay and manage funds without need for integration with multiple banks or payment providers.
GAT, which is currently using local USD, EUR, CAD and GBP collections, can provide virtual accounts in more than 35 currencies to its clients. It provides real-time FX conversions and allows payouts locally to over 180 countries.
GAT Investment Bank's director Jill Murray said that GAT could now "instantly" connect with Currencycloud’s APIs to cater to smaller clients in more countries, giving them access to a global banking service.
Currencycloud's managing director of APAC, Rohit Narang, said the bank faced several issues in supporting its importer and exporter clients who needed a cost-effective, near-instant way of making cross-border transactions.
"GAT Money is the result of this understanding,” he added.
