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NEW DELHI: Kristal.AI, a digital-first global private wealth management platform, has partnered with FlyRemit to offer low-cost, faster global remittances to ease global investing. This partnership will enable investors to secure the best foreign exchange remittances at low transaction charges and forex mark-ups, solving a major bottleneck in the process of global investing.

Traditionally, fund transfer process has involved offline transfer with the investor having to visit the bank and then carry out the physical process of sending the funds. While some banks now offer online LRS, remittances can still take between three-five business days along with high forex mark-up and interbank transfer charges.

The partnership with FlyRemit aims at making global investing seamless, accessible, and convenient.

There will be highly competitive forex rates with charges as low as 0.5-1% by Kristal.AI compared with 2-3% industry standard.

As per the company, so far, clients transferring their money internationally face a fixed charge of 1,000 to 2,000, while Kristal.AI has zero fixed charges.

Also, investors can make multiple transactions in a day, without having to open a new bank account

Commenting on this development, Vineeth Narasimhan, CTO and co-founder, Kristal.AI, said, “We set three goals to transform the remittances experience: End-to-end digital experience, completing the remittance process within 1-minute, and offering highly competitive FX rates. We found the right solution with FlyRemit, and together, are happy to offer a completely digital, fast, and competitively-priced solution to our partners and investors."

Kristal.AI offers avenues for Indian and foreign investors to diversify their investments into global assets. It has crossed a major milestone having acquired over $400 million as assets under management in December 2021. The platform witnessed five times annual growth in its AUM, since its launch in 2016 in Singapore and has partnered with over 75 family offices and partners.

Abdul Hadi Sheikh, CEO & Co-Founder of FlyRemit, said, “Working under the RBI's sandbox for cross-border remittances, FlyRemit has made the global remittance process frictionless. Our 100% digital KYC process and up to 50% saving compared to conventional remittances through banks, is a game-changer for the market."

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