Fable Forays into Global Markets; Expects to Achieve a Four-fold Growth in Processing Flows by 2024


Fable Fintech today announces its decision of global expansion with an illustrative snapshot of its success in various geographical locations. The payments technology provider has scaled incremental peaks in India and Asia over the last five years, and today serves more than 150 payments corridors with cross-border transactions using multiple payment rails.

Global cross-border payments are an exciting business opportunity with payments volumes expected to cross the $ 156 trillion mark in 2022. Cross-border payments are pacing up in frequency and the norms are changing every day. Disruption in this space is already in spate because of a large of new entrants taking advantage of radical improvements. Senders have more payment-sending modes at their disposal and avail quicker settlement times. The banks and money transfer operators that offer payments facilities to their customers have to match pace as well.

Use-cases encompass peer-to-peer transfers, bill payments, E-commerce, mortgage, and hospital payments with a variety of collection and fund delivery modes. Fable Fintech’s product suites are tailored to help their clients – banks and financial institutions – launch, manage and grow their payments business.

Fable Fintech spreads its arms for global reach after proving its effectiveness in the complex remittance-sending and receiving landscape of the Indian subcontinent. Fable then extended its hallmark of SaaS-based cross-border payments technology to 11 other countries, helping 36 banks and money transfer operators send funds around the globe for their retail and enterprise customers. In this journey, Fable Fintech has successfully processed transactions worth $ 11 Billion so far. As such, Fable stands tall for bringing control, profitability, and agility to financial institutions in their payments business. It helps them in reducing systemic inefficiencies and providing end-to-end solutions that uphold speed, transparency, cost-effectiveness, and interoperability. With this experience, Fable now stands at the threshold of global expansion.

Naushad Contractor, CEO, Fable Fintech

Naushad Contractor, CEO, Fable Fintech, knows going global isn’t one single leap for Fable Fintech but a continuous journey. He added, “We are taking this step after well-founded planning and rock-solid results that hold a mirror to our high-performing solution platforms in Africa, Asia, and the Middle East, in addition to a dipstick scale of implementations in the United Kingdom and the United States of America.”

Fable’s leadership and the heads of business development in the various regions come with decades of experience, having functioned as changemakers and catalysts of growth at global financial institutions. They distill their expertise to serve the needs of the banks and non-banking institutions across a wide range of corridors – all of which come with their own unique compliance norms, regulatory requirements, and operational protocols. They are keenly aware of the significance of cross-border payments for a country’s economy and financial equality. As spearheads for change in these regions, Fable Fintech’s leaders recommend technology-based solutions and processes that give better control to their customers over their cross-border payments businesses.

Fable Fintech’s story in India

With $ 87 billion in remittances received in 2021, banks operating in India handle one of the largest volumes in the world. Additionally, India’s outward remittances are also growing for education, travel, medical, and other cross-border payments. Indian banks have generated new revenue by taking advantage of these trends. Fable’s agile, expert solutions provided the technology for banks such as ICICI Bank, Axis Bank, and Yes Bank to achieve this.

Murtuza Sutterwalla, Vice President – Business Development, Indian Subcontinent region, Fable Fintech, said, “We have a large share in outward remittances focusing on education fees. This is a growing business and India and the subcontinent banks and companies in the region are rightly poised to capture and grow this business using the right tools with automation. Here, Fable Fintech, with the expertise and strong domain knowledge can help them automate their systems quickly and enable them to nurture and grow this business. We can cater to any of their remittance business needs from attracting more transactions to processing them without errors, whether it is retail, business, or eCommerce transactions.”

Fable Fintech’s 200+ experts have consistently developed robust solutions so that clients never missed out on a growth opportunity. Today, 9 out of 10 top private banks in India continue to trust their cross-border payments growth to Fable Fintech. Fable is now keen on extending this success to financial institutions across the globe.

Fable Fintech’s story in the Middle East and Africa

Remittances are a vital part of the economic activity for most of the countries in Africa – especially for low and middle-income countries. However, the cost of sending remittances to Africa is the highest in the world at an average of 8.5% of the transaction value. Financial institutions in the region were looking for ways to overcome such high costs and improve revenue per transaction.

Fable Fintech introduced multiple solutions for financial institutions to participate in the larger value chain and improve profitability.

Parvez Quraishi, Vice President – Business Development, MEA region, Fable Fintech, said, “Banks in receive-countries are only acting as disbursement agents for fintech and other MSBs as banks deal with a dearth of domain expertise and technology development. Fable Fintech, a domain expert in the REMTECH (remittance technology) space helping financial institutions across the world transfer billions of dollars in cross-border payments is assisting banks in unlocking their fintech potential. Fable Fintech helps banks in receive-countries launch their own branded remittances platform where banks have full control over the pricing and transaction fees. Expand person-to-person remittances to P2B, B2B, and B2P as you evolve your services.”

Configuring FX rates, tax rates, volume-velocity limits, running referral programs, and omnichannel presence are a few of the many ways these solutions give control over the value chain. Fable’s clients such as Bahrain Financing Company have leveraged these solutions to improve profitability in a matter of months. Fable Fintech is focused on extending this success to the entire cross-border payments ecosystem in MEA.

Fable Fintech’s story in the Asia Pacific

Remittances play an influential part in the financial landscape of Asia. Asia is the largest remittance-receiving region in the world, at about $ 325 billion or 45% of global flows. Banks and financial institutions in this region have to modernize or miss out on this opportunity. Fable Fintech, with its success in India, Bangladesh, and Singapore, is bringing digital transformation solutions to the APAC.

Prakash Kirpalani, President – Business Development, APAC region, Fable Fintech, said, “The market is dominated by MTOs with traditional processes which are not customer-friendly. After its success in India, Fable Fintech views the Asia Pacific region as key to its growth story. As part of its global strategy, Fable has established its regional headquarters in Singapore and hopes to transform the market by offering small to medium-sized banks its platform which comes with a pre-integrated ecosystem of partners in the money transfer value chain. Banks and customers now have a choice to use multiple collections and disbursement channels, have a friction-free digital experience and realize savings in transfer and processing costs. Philippines, Vietnam, and Indonesia are our immediate focus markets.”

Internet banking, debit and credit cards, account credit, merchant payments, hospital and travel company payments, cash at the counter, and mobile wallets are a few of the many options that Fable Fintech’s clients can extend to their modern customers. Financial institutions in the APAC can participate in every stage of the remittance value chain with Fable’s solutions. Fable is equipped to be their trustworthy partner for the digital transformation in the region.

Fable Fintech’s story in the Americas

$ 68 billion flowed out of the United States in remittances in 2020 with Mexico, China, India, and Nigeria among the top recipients in a long list. Economic recovery in 2022 further predicts a 5.5% growth in remittance inflows from the United States to Sub-Saharan Africa. Financial institutions in the region can grow considerably on the back of this cross-border payments boom. Fable Fintech’s experience with high-volume regions will help American institutions grow seamlessly.

Alok Mahapatra, Vice President – Business Development, USA and Americas region, Fable Fintech, said, “Over the last 5 years Fable has successfully processed billions of dollars of regulated remittances for banks and money transfer operators. As an integration API layer, Fables platform forms an extensible backbone for our client’s cross-border transaction processing capabilities. We want to now leverage our proven expertise and help banks, and credit unions in the United States of America orchestrate cross-border transactions efficiently using multiple payment rails.

In recent years, the USA as the largest remittance-sending country has also seen a significant spike in digital remittances. Banks and other financial institutions are well-positioned to benefit from this trend – Fables objective is to enhance our clients’ cross-border remittance capabilities at scale.”

Fable Fintech’s team of experts ensures that the solutions are of the highest global security standards, ISO27001, and GDPR-compliant. Robust regulatory modules, seamless API integrations, efficient processing automation, and error mitigation are a few of the many components Fable Fintech brings to the cross-border payments ecosystem in the Americas.

Fable Fintech’s story in Europe

The United Kingdom’s outward remittances go to a diverse set of countries with Nigeria (15.4%), India (14.7%), France (6.7%), Pakistan (6.3%), and Germany (4.7%) being some of the key markets. Financial institutions in the region look to continuously improve efficiency in this diverse ecosystem. Fable Fintech has been solving similar challenges in other parts of the world to reduce systemic inefficiencies. In the United Kingdom too, Fable helps banks and financial institutions leverage technology to improve efficiency.

Lucinda Groves, Lead – Business Development, United Kingdom, Fable Fintech, said, “Payments in the UK and in particular the cross-border movement of funds, have seen vast improvements in efficiencies over the last few years. That said, there is a real need and strong desire amongst financial institutions, to accelerate that improvement and reduce cost whilst getting payments close to real-time. It is clear the ultimate objective for any bank is to see payments invisibly woven into the fabric of everyday life without the need to think about it, but without sacrificing convenience for security and by de-risking cross-border remittance services. Additionally, is the need to make these FI’s nimble enough to integrate with by creating a new stream of revenue and improved margins.”

There is a demographic shift in the use of transfers accompanying the pace of digital transformation. The millennial community is slowly taking over with 58.8% having transferred money abroad, compared to 37.2% of members of generation X. Banks and non-bank money transfer operators who wish to offer the payments service to their clientele now have trustworthy seasoned service providers that cover all the requirements. Lucinda Groves adds, “Clients use Fable Fintech’s platform to operate their own branded digital remittance service for their customers (personal & trade transactions), to manage their end-to-end inward and outward remittance operations, partners, and clients efficiently as it is compliant with global regulatory norms, ISO 27001 and GDPR.

Since Fable Fintech’s inception, the goal has been to make the global cross-border transaction ecosystem more optimal and reduce systemic inefficiencies. Fable Fintech has helped numerous banks, exchange houses, and MTOs successfully automate their remittance and cross-border transaction processing business. Acceptance of such a payment system depends on trust, and the moral of the AI ‘Fable‘ is that such trust has to be earned. Fable Fintech is ready to earn and prove that trust here in the UK and European markets.”

Fable Fintech has brought working payments solutions to India, Bangladesh, Kenya, Bahrain, Egypt, Singapore, Kuwait, and many more regions. Through its decision to go global, Fable is now braced to partner with well-established institutions in Europe to achieve the common goal of reducing the systemic inefficiencies in cross-border payments.

Naushad Contractor concludes on a positive note, “The fresh infusion of funds from Fable Fintech’s investors and the growing patronage for Fable’s solutions are the twin strengths that bring us confidently to this exciting new stage of possibility. With global expansion, Fable stands to serve a wider arena of banks and financial institutions.

About Fable Fintech

Fable Fintech is a global banking infrastructure company offering SaaS platforms for cross-border, trade, and foreign exchange transactions. Its solutions come from a blend of domain and technological expertise that helps financial institutions grow, optimize, automate, and digitize their offerings to transform their customer experience. Led by the founder & CEO, Naushad Contractor, a seasoned fintech and payments executive with global experience, Fable has a team of 200 resources in India, with key personnel based in the USA & Singapore. With 36 implementations across 11 countries, Fable today offers time-tested and matured technology platforms. This includes 9 out of 10 large private sector banks in India, including such marquee names as HDFC Bank, ICICI Bank IDFC First Bank, Canara Bank. In addition, Fable’s class-leading platforms are also used by clients in Kuwait, Bahrain, Qatar, the UK, Singapore, Bangladesh, UAE, Africa, Sri Lanka and Nepal. Transactions in over 60 countries, it has partnered with payment gateways across the globe to enable efficient and seamless transaction processing capabilities and integrated its systems with 3rd party verification companies that ensure that every customer taken onboard is scrubbed against OFAC/SDN/PEP watch lists. The business remains AML/CFT compliant. The company is ISO 27001 compliant, and Fable’s platforms comply with GDPR and Dodd-Frank Act related requirements.

For more information, please visit www.fablefintech.com.


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