Bringing price transparency to the foreign exchange market.
To some, this might sound like a lofty goal, but for the fintech start-up, known as 4xLabs, it's a reality. Their solution is an app called Get4x that 4xLabs is launching across Asia - one city at a time. Get4x does as its name says - it is a currency exchange aggregator that helps you to get the best foreign exchange rates from local licensed money changers in the cities you are in. The app has recently landed in Mumbai, and is also available in Bangkok, Hong Kong and Singapore.
Get4x is unique as it displays real exchange rates that are curated from money changers, rather than interbank rates used by financial institutions that are not applicable to the local traveller. Although there are several currency aggregators already in the marketplace, Get4x works on a different model. Instead of the price bidding model that is commonly used in India, where users seeking to exchange currency receive only a limited number of offers and have to choose from among these, Get4x aims to give users the power of choice to choose from among any money changer in their city based on location and price.
Currently, the app lists almost 300 money changers in Mumbai, and users can search through the displayed rates to find a convenient outlet nearby with a rate they like. Get4x uses a proprietary algorithm that is able to predict indicative rates based on real-market and historical data. Once users have decided on the money changer they wish to transact with, they can simply contact their money changer of choice to confirm the rate, and pick up the specified currency later.