Sync2 Networks Corp., with its global architecture of international business development and marketing supported by agents in more than 20 countries, is a robust designer and operator of applications whose announcement today highlights the signing of a long-term engagement agreement with Hong Kong-based Money Swap Holdings.
Carefully selected for outstanding sector performance, rock-solid IT infrastructure, and the strength of its brand, Money Swap will provide certain financial tools under terms of this multi-year agreement to facilitate SYNW’s plan to roll-out several innovative financial services.
The plan includes “Currency Swap”, a user-driven online platform for peer-to-peer currency trading, which streamlines exchanges of ownership across a variety of currency pairs; a prepaid MasterCard program run through a proprietary Money Swap portal; and “CashSync”, the brand marketing of Money Swap’s barcode transaction system by SYNW which will offer cell phone users the ability to enact cash transfers.
The white-label, prepaid MasterCard program, also known as a custom-label program, will capitalize on both massive demand and the MasterCard’s ubiquity, offering people in developing markets an easy-to-use, personalized electronic payment framework.
Sync2 President Ron Houle spoke of the “transactional value” to both clients and affiliates this marketing push would create, and how marketing of these services and products will be handled by the global network of agents, starting in South East Asia and India (where the Company’s Mumbai office recently opened), before progressing into South America.
Houle also noted the importance of providing such financial mechanisms with truly global brands to satisfy a “post-recession lack of credit services” in even the world’s most remote markets, where booming demand allows this “relationship with Money Swap” to truly thrive, generating long-term benefits to clients and shareholders alike.
CEO of Money Swap Holdings Graham Newall pointed out the exciting and promising possibilities for upcoming mobile phone developments, and demonstrated his pleasure at having SYNW “lead its global distribution” by suggesting that it could revolutionize the way people send money to one another.
Shifting its international personnel profile towards the roll-out of the CashCard program as part of a projected strategic growth decision, the move will enable SYNW to dedicate substantial effort towards iPhone applications development, which also allows the Company to successfully complete a structural transition and re-organization.
This is a shrewd move according to both companies, which jointly project unprecedented market growth in developing and third world economies for such products – a view that seems validated when one looks at NetSpend data indicating that the prepaid card market is growing exponentially, with debit products outstripping credit products by 4.8% in the 04-09 period, and the transaction value on prepaid cards projected to be $178B in 2010, up an astounding $65B in the last three years alone.