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Sokin, the new generation global payments provider, is set to shake up the current remittance landscape with the launch of its Sokin Global Currency Account in the UK and Europe.
Sokin is the first payments platform to take the subscription economy and use it for transfers on a global scale, unlike other well-known brands who charge a fee per transaction of between 5%* and 7%. The Sokin Global Currency Account is for consumers who want a low-cost alternative to the current system notoriously known for being exclusionary and complicated.
Sokin’s Global Currency Account is a convenient tool for unlimited international transfers and cost-effective currency exchange in 38 currencies to over 200 countries and territories for £9.99/€9.99 a month.
The launch of its global currency account symbolises Sokin’s commitment to making global payments more open and transparent, removing the barriers that have historically hindered access and financial inclusion.
Former England international footballer and investor of Sokin, Rio Ferdinand, commented: “I’ve seen first-hand how difficult sending money overseas can be, and because of this I was attracted to Sokin’s vision of using fintech for good to build an inclusive and non-discriminative global payments solution. The subscription model itself is not new but using it for global transfers is. And it makes sense with services like Spotify and Netflix the norm for many. That’s what’s impressive about Sokin – it’s taken a model we’re all familiar with and created a financial product people all over the world can use.”
Vroon Modgill, CEO for Sokin said: “While everything else moved forward, global payments and remittance lagged behind, and consumers put up with high fees and time-consuming transactions. So, we decided to build something better and on a much larger scale which reaches over 200 countries. We worked hard to remove the barriers often seen with well-known brands and we’ve improved a process known to be difficult, expensive and time-consuming. I’m delighted that Sokin is a payments provider which has democratised and simplified the user experience.”
The Sokin debit card, which is supported by Mastercard’s network, can be used for all day-to-day activities as well as travel payments abroad. The debit cards will be available in over 80 countries**.
*The World Bank: “Remittance prices worldwide”, (December 2020)
**Subject to, and pending, local licensing and regulatory requirements. Please refer to sokin.com/regulation for further information.