Global payment network UnionPay and Malaysia based MaxMoney, have announced a collaboration to offer real-time money remittance service to almost 50 markets globally.
The partnership will allow their customers to remit money to their family and loved ones, both online and at MaxMoney branch counter instantly to popular outbound remittance markets like the Philippines, Thailand, China, Bangladesh, and others.
MaxMoney is UnionPay International’s first partner for money remittance in Malaysia. This partnership is poised to take advantage of the fast-growing digital remittance market in Malaysia. According to research, the transaction value of Digital Remittances is projected to reach around MYR2.5Billion in 2021, a 34.1% jump compared to 2020. Beyond 2021, Digital Remittance is expected to grow rapidly at 16.9% CAGR to MYR4.Billion in 2025.
“We couldn’t be more pleased to partner a household name like MaxMoney to launch UnionPay’s MoneyExpress cross-border money remittance in Malaysia. MaxMoney is a pioneer for online money transfer services, and has more than 30 years of experience in international wire transfer service ” said Mr. Huiming Cai, General Manager, UnionPay International Southeast Asia.
According to analysts, the growth in cross-border digital remittance is highly dependent on cost, and online service providers have been able to charge lower fees and make the whole process easier, thus helping to spur the growth of digital remittances.
“For money transfer services, we are a full-service provider offering both online and counter services. The movement restriction from the pandemic has resulted in more of our customers taking up our digital remittance service. This is not surprising as our international money transfer not only offers the best rate but is also easy, with only three simple steps to transfer money across the globe securely” said Mr. A.Abd Hamid, Founder & CEO of MaxMoney.