Max Money launches MaxTerminal service
By Digital News Asia November 27, 2017
- First in Malaysia to introduce a hybrid Online to Offline model
- Plans to install 3,000 MaxTerminals nationwide within the next 12 months
MAX Money has launched its MaxTerminal service which allows customers to remit money abroad using only their debit cards at selected retail outlets.
This makes Max Money the first money service business provider in Malaysia to introduce a hybrid Online to Offline (O2O) model whereby personal and business transactions can be done over-the-counter or online.
Max Money also launched its new portal, where customers can transfer money and exchange currencies online.
The MaxTerminal service, which can be used 24/7, will see Max Money placing its proprietary terminals in convenience stores, sundry shops and mom-and-pop stores in business centres, industrial hubs and rural areas nationwide.
This gives foreign workers, and rural folk the convenience of transferring funds to over 150 countries.
This is a breakthrough for a brick and mortar money service business and represents a turning point towards a cashless society.
The MaxTerminal eliminates the need to carry around large amounts of cash to be remitted, along with tiers of middlemen which unnecessarily increase the costs of transactions.
As for Max Money's retail partners who qualify to become official distributors, they can earn up to RM5,000 a month from the fees imposed on transactions.
With the country moving towards a cashless society as envisioned by Prime Minister Mohammad Najib Razak in his Budget 2018 speech, the introduction of Max Terminal is timely.
In fact, beginning Jan 1, 2018, all foreign workers, with exception of domestic helpers, will need to open a local bank account to receive their salaries.
As such, Max Money's plans to install some 3,000 MaxTerminals nationwide within the next 12 months are not only a boon to nearly two million registered foreign workers and boosts Malaysia's cashless society aspirations.
As for the new online portal (www.maxmoney.com), consumers, together with the country's over 900,000 SMEs can quickly and easily transfer money to their business partners and loved ones.
The portal will also allow users to purchase currency at Max Money's competitive bank-beating exchange rates.
Soon, a "lock-in" feature will be added to the portal, allowing customers to buy currencies when the exchange rate is low and collect them from any Max Money outlet at a later date.
As Max Money services are regulated by Bank Negara Malaysia, customers can rest assured knowing their transactions are secure and comply with the central bank's stringent regulations.
Deputy Science, Technology and Innovation Minister Abu Bakar Mohamad Diah launched the MaxTerminal and Max Money's online portal. He was joined by Max Money’s founder and chief executive officer, Abda Hamid, who spoke on Max Money's products and future plans.
"MaxMoney's solutions and services are aimed at improving efficiencies and reducing transaction costs, in line with the World Bank's Project Greenback 2.0 initiative," said Abda Hamid.
"Max Money is also committed to achieving goals relating to remittance and transactions under the United Nation's Sustainability Development Goal," he added.
In his speech, Abda Hamid also paid tribute to the Malaysia Digital Economy Corporation and its GAIN programme, which is facilitating Max Money's expansion beyond Malaysian shores.
Established in 2001, Max Money is a fully licensed money services provider and a market leader in wholesale and money exchange business.
The company also offers remittance, foreign fund transfers for personal and business, and wholesale currency trading services.
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