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Few companies have demonstrated the resilience and innovation of CYS Global Remit in the ever-evolving landscape of cross-border payments and financial services. Founded in 1981 by visionary entrepreneur Cheung Yong Sam, CYS has grown from a wholesale banknotes trading business in Singapore to a leading player in the global remittance market. As we stand on the brink of 2024, CYS Global Remit continues to push the boundaries of financial technology and connectivity.
In this exclusive interview, Veronica Studsgaard, Founder and Chairperson of the International Association of Money Transfer Networks (IAMTN), sits down with Ann Wee, Deputy MD to explore the rich history, significant milestones, and future vision of CYS Global Remit. Together, they delve into the company's strategic evolution, its embrace of technological advancements, and the challenges and opportunities that lie ahead in the dynamic world of finance. Join us as we uncover the journey of CYS Global Remit and its steadfast commitment to shaping the future of cross-border payments.
Veronica Studsgaard (VS): Ann Wee, it’s a pleasure to speak with you today. CYS Global Remit has a rich history dating back to 1981. Can you share with us the founding principles of CYS and its evolution over the years?
Ann Wee (CYS): Thank you, Veronica. CYS Global Remit was born out of a vision to leverage Singapore's potential as a financial hub in the Asia Pacific region. Initially, we started as the financial arm of the CYS group, focusing on wholesale banknotes trading. In 1989, we obtained our remittance license, which marked our entry into cross-border payments.
The late senior CYS founder had a keen eye for the burgeoning financial landscape of Singapore. His foresight allowed us to expand beyond traditional banking services into financial futures brokering, wire-transfer services, and eventually, remittance. Over the decades, we have continuously adapted to the evolving financial industry, a journey that saw a significant rebranding in 2011, leading to the birth of CYS Global Remit with a renewed commitment to excellence and innovation.
VS: It's fascinating to hear about CYS’s journey. What have been some of the key milestones and achievements for CYS Global Remit?
CYS: We've had many milestones, but a few stand out. Transitioning from traditional banking practices to embracing technological advancements has been a game-changer. Since 2016, we have been leveraging technology to streamline payments and enhance efficiency through solutions like straight-through processing and real-time compliance monitoring.
Handling over 2.2 billion USD worth of contracts annually is another significant achievement. Our efforts to forge strategic alliances with international banks and establish a robust agency network across the Asia Pacific have also been pivotal. These achievements underscore our commitment to innovation and excellence in the financial services industry.
VS: With the rapidly changing landscape of financial services, what challenges and opportunities has CYS faced?
CYS: The financial industry is indeed dynamic, with regulatory changes, technological advancements, and shifting consumer preferences posing significant challenges. However, we view these challenges as opportunities for growth and innovation. By harnessing technology and fostering a culture of innovation, we tailor our solutions to meet the evolving needs of our clients.
For example, developing FinTech products and enhancing customer experience are areas we are continuously improving. Staying ahead of the curve is essential, and we are committed to turning these challenges into opportunities for further advancement.
VS: Looking ahead, what is your vision for CYS Global Remit in 2024 and beyond?
CYS: Our vision for the future is defined by speed, efficiency, and innovation. Digital currencies and artificial intelligence (AI) are the future of finance, and they will play a central role in our strategy moving forward. Our FinTech development, which began in 2016, now focuses on four major areas:
Straight-Through Processing
APP & API Connectivity
Real-Time Compliance
Cryptocurrency Payment Services
We aim to make cross-border payments seamless, instantaneous, and borderless. By leveraging our extensive network and cutting-edge technology, we seek to connect payment corridors globally, ushering in a new era of financial connectivity. The spirit of innovation and resilience that has driven our success for over four decades will continue to guide us as we navigate the future of cross-border payments and financial technology.
VS: Ann Wee, thank you for sharing CYS Global Remit’s remarkable journey and future outlook. It’s inspiring to see how CYS continues to innovate and lead in the financial services industry.
CYS: Thank you, Veronica. It’s been a pleasure discussing our journey and vision with you. We look forward to continuing our path of excellence and innovation in the years to come.
