WorldRemit Launches Money Transfer Service from Malaysia
By Digital News Asia August 13, 2021
- Customers can send money to more than 130 countries
- Payout methods include bank deposits, to mobile wallets, cash pick-up
WorldRemit Sdn Bhd, the Malaysian branch of UK headquartered WorldRemit Pte Ltd, a digital cross-border payments company, has officially launched its money transfer services from Malaysia.
WorldRemit customers can now send money from Malaysia, in addition to 50 other countries including the UK and the USA, to more than 130 countries while operating in more than 5,000 money transfer corridors worldwide and employing around 1,200 people globally.
Depending on their location, customers can choose from multiple payout methods for the recipient including bank deposits, payments to mobile wallets, cash pick-up and mobile airtime top-up.
Ridzuan Aziz (pic), Country Director for Malaysia at WorldRemit, said: “We’re passionate about making sure that customers can continue to make affordable money transfers to their family and friends in the comfort of their homes. Since 2010, we have disrupted traditional money transfer methods by delivering services that customers can access via smartphones at their convenience. With communities across the world having to change their lifestyles due to the disruption caused by Covid-19, we’re proud to play our part in making sure our customers can continue to support those dearest to them throughout this challenging time.”
According to 2017 World Bank data, migrant workers account for 15% of the Malaysian workforce making Malaysia home to the East Asia and Pacific region's 4th largest migrant population. Migrants make a significant contribution to Malaysia’s economy and support their loved ones by sending substantial amounts of money transfers back home. World Bank data shows that remittance outflows from Malaysia have increased by more than 500% since 2016.
The WorldRemit service will be available to customers in Malaysia using its app or web platform. For migrant workers, this will provide added convenience as they can avoid having to make long journeys to send money transfers from traditional shop fronts.
WorldRemit is fully licensed with a Class-B remittance license issued in February 2021 by the Central Bank in Malaysia.
Previously, WorldRemit participated in the bank’s Fintech Regulatory Sandbox Framework which recognised the important role of Fintech in providing financial services in Malaysia. The framework granted regulatory flexibility to financial institutions and Fintech companies to experiment with solutions to improve digital services in the sector, particularly focusing on inclusivity and better access.
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