The challenge then is to work out how to cut needless friction in the system without weakening safeguards
[SINGAPORE] In a rented room above Norris Road in Singapore’s Little India district, a man named Raju Krishnamoorthi quietly processed more than S$28 million in just three months, from February to April 2025.
But Raju was neither a high-flying banker nor a financial technology entrepreneur with a slick digital app. What he had was a simple business model: migrant workers wanted to send cash back to the sub-continent, and Raju would help them do this.
Working for a man known as Syed, Raju earned a modest S$1,500 a month to act as the human face of a money remittance syndicate.
