KUALA LUMPUR, Malaysia, Jan. 13, 2022 /PRNewswire/ -- Global payment network UnionPay and leading remittance company in Malaysia MaxMoney today announced a collaboration on real-time money remittance service to almost 50 markets globally. With this service, customers can enjoy fast, secure and best rate guaranteed money remittance service both online and at MaxMoney branch counter to popular outbound remittance markets like Philippines, Thailand, China, Bangladesh, and more.
MaxMoney is UnionPay International's (UPI) 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, 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[1].
"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 offering fast, easy and reliable remittance services. As one of the leaders in innovative payment, UnionPay's vision is to always offer greater convenience, more value, and secure services to our customers. Hence we know that MaxMoney is that partner who can help us to fulfil our service promise to our customers in Malaysia," 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. Even so, we are committed to continue improving our service for our customers, hence we are pleased to partner UPI to leverage on UnionPay's comprehensive worldwide network to better serve our clients," said Mr. A.Abd Hamid, Founder & CEO of MaxMoney.
[1] https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-remittances/malaysia |
About UnionPay International
UnionPay International (UPI) focuses on the international business of UnionPay. In partnership with over 2,400 institutions worldwide, UnionPay International has enabled card acceptance in 180 countries and regions with issuance in 70 countries and regions. UPI provides high quality, cost effective and secure cross-border payment services to the world's largest Cardholder base and ensures convenient local services to a growing number of global UnionPay Cardholders and merchants.
In Malaysia, UnionPay cards are widely accepted at ATMs and POS terminals all over the country. UPI works with Bank of China (Malaysia), Boost, GoPayz, Huawei, Industrial and Commercial Bank of China, Public Bank, and Sarawak Pay to offer a wide range of payment products ranging from physical cards, virtual cards, QR Code, Cross-border money remittance to mobile payment and more. For more information, visit www.unionpayintl.com/my.
About Max Money
With more than 30 years in business, MaxMoney is the best and most innovative money service business in Malaysia, enabling both individual and business customers to exchange and transfer anytime anywhere.
MaxMoney is the first Malaysian company to obtain a full-fledged Money Service Business (MSB) License, regulated by Bank Negara Malaysia.
MaxMoney covers more than 100 foreign currencies, catering to 190 countries across the continents. No matter which currency they choose, customers will always enjoy superior best rates. MaxMoney is passionate in innovating and marketing services that are not only efficient, but always at the best rates. For business customers, MaxMoney's integrated solutions compels proposition which drives them to enhance their business goals. For more info visit https://www.maxmoney.com/my/
