How Instarem enables Insurtech “Gigacover” smooth and economical USD to SGD transfer

Expat life
29 May 2023
2 mins read
Written by Team Instarem

The Company

Gigacover is a leading insurance provider, providing flexible insurance solutions for emerging segments such as freelancers, automotive, logistics, and digital banking sectors. Since launching in 2017, they have been revolutionizing the insurance industry and setting a new standard when it comes to protecting businesses, their people, and assets. Today Gigacover has over 130,000 users from Singapore and the Philippines who rely on them for protection. 

The Challenge

With investments coming in USD and SaaS products charging in the same currency, they had to deal with the unpredictable currency game of converting between USD and SGD. They initially turned to banks, but it took around 3 days for payments to reach their US-held SWIFT account, with high FX rates and fees. Then, they tried other payment solution providers but with no success.

The Solution

This is where Instarem came in with its international payment services. With Instarem, Gigacover was able to transfer USD to SGD on the same day with highly competitive pricing. This saved Gigacover $1000 per month from FX fees and rate markups and now they have near-instant transactions from the United States to Singapore.

Amerson, Co-founder & CEO at Gigacover, was thrilled with the results, saying “I can now transfer USD to SGD with zero fees at competitive FX rates within the same day!”

Not only did cross-border payments become faster, but Instarem’s payment tracking capabilities also offer Gigacover complete peace of mind with transparent and convenient tracking of their transfers.

The Results

  • $1000 savings per month from FX markups and fees
  • Near-instant transactions from the United States to Singapore
  • Peace of mind with reliable and transparent payment tracking capabilities

Looking to streamline your business while keeping your costs low? Sign up for your free Instarem account today to enjoy the benefits of cost-effective, hassle-free global payments.