KFH Malaysia collaborates with MoneyMatch on cross border payments
By Digital News Asia July 4, 2019
- Enables the bank to deliver cutting-edge, Syariah-based solutions to its customers
- MoneyMatch will provide enterprise solutions via its newest product BankFX
FINTECH startup, MoneyMatch and Kuwait Finance House (Malaysia) Bhd (KFH Malaysia) on July 3 announced a strategic collaboration to provide cross-border payments for its customers.
The collaboration, the first of its kind between a foreign Islamic bank and a local fintech startup, enables the bank to deliver cutting-edge, Syariah-based solutions to its customers. This partnership marks MoneyMatch’s maiden entry to provide enterprise solutions via its newest product BankFX, and ultimately to improve the cross-border payments experience for consumers regardless of platform.
MoneyMatch chief executive officer Adrian Yap (pic, top right), said, “We are excited to have KFH Malaysia onboard as our first Bank FX customer. We at MoneyMatch strongly believe that everyone should have access to the best exchange rates regardless of platform.
“Through this network collaboration with KFH Malaysia, the efforts to transform the experience of cross-border payments for all will be greatly amplified. “
To celebrate the launch of this collaboration, KFH Malaysia customers will be entitled to a 100% service fee waiver promotion for all native-currency cross-border payments made via its physical branches nationwide. This offer is valid until Aug 31, 2019.
MoneyMatch is a perfect collaborator to KFH Malaysia to introduce inexpensive, convenient and faster cross-border payment services to customers.
“KFH Malaysia is always seeking ways to innovate and grow the Islamic banking landscape in the country. The partnership with MoneyMatch enables our customers to perform cross border payments at an affordable, transparent and swift manner.
“In addition, this is in-line with the aspiration of Bank Negara Malaysia for financial institutions to provide value added services to customers by leveraging on fintech-based solutions,” said KFH Malaysia Treasury chief treasury officer Norashikin Mohd Kassim (pic, right).
With the introduction of MoneyMatch’s Bank FX service, the bank can now enjoy low-cost and simple cross border transfers with 38 available currencies across 58 countries.
The cross-border transaction rides on blockchain technology that provides benefits such as transparency, enhanced security, improved efficiency, speed of transaction and at lower costs.