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SINGAPORE, Nov. 15, 2023 /PRNewswire/ -- Today, TerraPay and Maya announce a transformative global partnership at the Singapore Fintech Festival.
As the demand for efficient cross-border payment solutions continues to grow, TerraPay, a leading global cross-border payments network, is excited to announce that it has forged ties with Maya, the #1 fintech ecosystem in the Philippines that offers the most advanced digital bank, top-rated consumer finance app, and leading merchant acquiring and payments processing business. This collaboration aims to make international remittances more accessible, convenient, and secure for Filipinos across the world.
With this partnership, users of the Maya app can now experience seamless money transfers from Korea, the USA, Singapore, and the Middle East through TerraPay's extensive global network. Together, both companies aim to enhance the customer experience while ensuring the utmost safety and security of transactions, offering faster transfer times, competitive exchange rates, and affordable borderless payment options.
Commenting on the collaboration, Ani Sane, Co-founder and Chief Business Officer, TerraPay, said, "This partnership aligns perfectly with TerraPay's mission of driving financial inclusion and revolutionizing global borderless payments. By teaming up with Maya, we can serve customers in the Philippines with innovative solutions, empowering them with fast and affordable cross-border payment options. We remain committed to making digital transactions more secure and faster for remitters and customers in the Philippines."
Khurram Malik, Chief Operating Officer of Maya, said, "We are pleased to work with TerraPay to make international remittances more accessible and convenient for our customers. Cross-border payments are integral to the increasingly global Filipinos with family or virtual work opportunities overseas. By leveraging the seamlessness of the Maya app, we are making it easier for them to receive money, save, and spend smartly."
TerraPay and Maya are driven by a shared vision of creating an inclusive ecosystem powered by superior customer experience. By leveraging TerraPay's secure and adaptable payments technology, Maya is expanding its thriving network of customers, promoting global financial interoperability and inclusivity, while opening new channels for customers to access convenient and safe payment solutions across borders.
The Philippines, ranking among the top 5 countries for remittances, witnessed a staggering remittance inflow of USD 38 billion in 2022,1 and the transaction value in the digital remittances market is projected to reach USD 1.12 billion in 20232. These statistics underscore the significance of the collaboration between TerraPay and Maya in meeting the growing demand for efficient and convenient remittance services in the Philippines.
About TerraPay
TerraPay simplifies the movement of money everywhere – providing a single connection to the most expansive cross-border payments network regulated in 29 global markets and enabling payments to 120+ receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.
For more details, visit terrapay.com.
About Maya Philippines Inc:
Maya is the #1 fintech ecosystem in the Philippines, with the most advanced digital bank. It is powered by the #1 merchant acquiring and payments processing business, the #1 rated consumer finance app, and the #1 digital bank.
It leads millions of Filipinos — consumers, businesses, communities, and government agencies alike — into a digital economy that's more inclusive, transparent, and empowering.
Maya is enabled by the country's only end-to-end digital payments company, Maya Philippines, Inc, and Maya Bank, Inc., for digital banking services. For more details, visit maya.ph and mayabank.ph.
References
1 https://blogs.worldbank.org/peoplemove/remittances-east-asia-and-pacific
2 https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-remittances/philippines#:~:text=Transaction%20value%20in%20the%20Digital,US%241.68bn%20by%202027
Media Contact:
Juveria Samrin
juveria.n@terrapay.com
