Digital remittances are very popular in APAC: Visa

Visa, a world leader in digital payments, has found that digital applications as the most popular method for sending and receiving remittances, and ease of use, safety, privacy, and security as the top four user experience benefits driving this preference. 

The results, from Visa's annual Money Travels: 2025 Digital Remittances Adoption Report, are based on responses from 44,000 senders and receivers across 20 countries and territories. The report tracks remittance trends around the world, including Asia Pacific, a key region in the US$905 B* global remittance landscape. 

“Remittances have long driven growth across Asia Pacific, uplifting many economies in the region,” said Chavi Jafa, Senior VP, Head of Commercial and Money Movement Solutions, Asia Pacific, Visa. 

“The clear shift to app-based remittances reflects the region’s demographics, the growing prominence of digital payment modes, as well as user preferences for easy, safe and quick ways to send and receive money. This shift is an important one for banks, remitters and fintechs to note as it will shape how they engage and serve evolving consumer expectations.” 

Source: Visa. Clear inflection point for migration to digital remittances in the Asia Pacific region.

Key findings for Asia Pacific include:

Digital apps remain the most popular and are perceived as the fastest option

· Digital apps are the most-preferred channel to send/receive remittances in Asia Pacific, with usage rates reaching its highest in India (74% to send/76% to receive), the Philippines (74%/66%), and Singapore (70%/75%). 

· Japan is also seeing steady growth, with digital app usage rising by 10% (58%/56%) in 2025 compared to the previous year. 

· Over half of the respondents in the Philippines (73%/73%), Australia (58%/55%), Singapore (67%/66%), and India (55%/53%) perceive digital payments as fastest way to access funds (73%).

· Most Asia Pacific remittance users surveyed report experiencing no issues with sending/receiving digital remittance transfers across all Asian markets, most positively in Australia (48%/53%), Japan (37%/41%), Singapore (36%/37%), and Mainland China (38%/31%, rising significantly since 2024 at +13%/+8%).

Remittance rationale varies across the region

· Contributing to accounts/investments is a primary reason to send/receive remittances across several markets including Mainland China (45%/36%), Singapore (38%/33%), and Japan (27%/23%).

· Sending for general/specific humanitarian need is a key reason for remittances, cited by respondents in Mainland China (45%/33%), India (40%), Singapore (27%), and Australia (25%).

· Sending remittances for an unexpected need was highest in India (44%), the Philippines (41%), and Australia (31%).

· Receiving regular remittances was cited by approximately a third of respondents in the Philippines (39%), Mainland China (34%), and India (30%).

Security and convenience outweigh pain points such as fees

· Digital apps are viewed as the most secure way to send/receive remittances in Asia Pacific, with top responses from India (50%/53%), Australia (49%/45%), and Singapore (44%/42%). 

· Ease of use to send/receive digital remittances was noted most by respondents in Singapore (51%/51%), the Philippines (48%/54%), Japan (47%/42%), and Australia (42%/40%). 

· Digital app fees for sending/receiving remittances were highlighted as a top pain point across Asia Pacific, led by the Philippines (43%/30%), India (36%/33%), and Singapore (32%/32%). Similarly, high fees were noted as the top pain point for sending physical remittances across all markets, with top responses from the Philippines (45%/29%), India (41%/37%), Singapore (38%/30%), Australia (29%/30%).

· Inconvenience and long travel distances remain key challenges for sending physical remittances, with respondents in India (36%) and Mainland China (27%) citing travel as a barrier. In Australia and Singapore, 29% of respondents each noted the physical remittance process as inconvenient and time-consuming alongside concerns about high fees.

· Across most Asia Pacific countries surveyed, the perceived security of physical remittances was low (3%-6%), with Mainland China reporting slightly higher levels of confidence (10%-12%). 

With one billion people relying every year on remittance services and platforms**, Visa continues to innovate and build solutions to enable payments businesses to enhance operational efficiency in money movement and broaden financial access for their customers. The company works in collaboration with global remitters, such as MOIN, WireBarley, Money Chain World Remittance and EzRemit, to help enable efficient money movement through digitised remittances.

“Remittances have long been a lifeline across Asia Pacific, and they will continue to play a vital role in uplifting communities and livelihoods. At the same time, many small businesses are also beneficiary of remittances driving local growth in local economies,” said Rhidoi Krishnakumar, VP, Head of Visa Direct, Asia Pacific, Visa. 

“At Visa, we recognise the enduring purpose of our role in delivering remittances on behalf of our clients and continue to innovate and build solutions to enable more efficient, reliable and secure ways to move money.” 

*World Bank Blogs: In 2024, remittance flows to low- and middle-income countries were expected to reach US$685 B, larger than foreign direct investment (FDI) and official development assistance (ODA) combined.

**International Fund for Agricultural Development, Remittances

Instarem launches new mobile app for Singapore consumers

Instarem, a digital cross border payments platform has launched a redesigned website and new mobile application for Singapore consumers. Instarem will also be launching a first-of-its-kind consumer debit card, Amaze, for users within the year.

Instarem has refreshed its brand and launched a new app for Singapore.

With the new rebrand, Instarem seeks to go beyond just enhancing consumer remittances globally, to move towards being the change-driver for the complexities around global payments – empowering its customers to do more with their money in an intuitive, transparent, and cost-effective manner. This rebrand also aims to set the foundation for Instarem to eventually become an all-in-one consumer app in coming years.

Yogesh Sangle, Global Head of Instarem, said, “We see the future of Instarem as becoming an essential part of our customers’ everyday lives, offering them the most convenient option for money transfers. Our new identity reflects our belief that money should not be disconnected – it should be simple – and our enhanced offerings bring this belief to life. Our new look better represents who we are today – current, innovative, and global.”

“Our new mobile app provides increased usability for Singapore users that makes it easier for them to navigate and manage their transfers from anywhere in the world. Singapore customers can also expect a new and improved Instarem experience through the launch of a consumer debit card, which allows them to consolidate all their spendings in one,” he added.

Instarem currently operates in six continents and over 100+ markets, serving more than 130+ million customers. More than US$6 billion in transaction volumes are processed annually, and 60% of payments are made in less than 15 minutes.

Explore:

Singapore users can download the mobile app for Android and for iOS.

StarHub adds digital remittance services for Mobile Prepaid customers

StarHub Mobile Prepaid customers can now send money to anyone across over 40 countries in as quickly as a day through the StarHub Prepaid app, which now comes integrated with digital remittance in partnership with Singapore fintech and licensed major payment institution Pay2Home.

With digital remittances, there is no need to queue physically or book appointments. Everything – from verifying identity to checking daily-updated currency rates, transferring money and managing prepaid accounts – is done simply within the app. Signing up for the Pay2Home remittance service through the StarHub Prepaid app is free, easy and secure. Customers can thereafter fund their remittance through cashless means or with cash, and transfer it to over 500,000 destination points across the Pay2Home network.

“Using just a single app, our mobile prepaid customers are able to support and connect with their loved ones in more ways than one. Collaborating with Pay2Home, we are delighted to give customers the best experience and meet their increasing demand for secure 24x7 contactless mobile remittance,” said Donovan Kik, VP of Mobile Marketing, StarHub.

“We see this partnership with StarHub as a synergistic collaboration that revolves around convenience, financial inclusion and building firmly on Singapore government initiatives like Go Digital and a mandate for businesses to reinvent in the new norm,” said David Hulme, Co-founder and Director, Pay2Home.

As an exclusive, StarHub Mobile Prepaid customers will be able to make the first remittance free-of-charge. For subsequent remittances, there is a low flat fee per transaction that is shared prior to customers settling their transfers.

Details:

Send money

Singtel's Dash launches rewards programme

Singtel’s Dash customers now have more reasons to spend on the Dash app and earn rewards. The all-new Dash Rewards programme enables Dash users to earn points on all payments and overseas remittances that can be exchanged for rewards including Singtel mobile services, grocery, dining, retail and lifestyle vouchers.

Source: Singtel website. Dash Rewards is a new
rewards programme which will reward Dash
users for transactions.

Dash Rewards is designed to add more value by allowing points to be earned with every dollar spent¹ in-store at Dash’s 60,000 merchants islandwide, online with the Dash Visa Virtual Account at millions of global merchants, as well as with each remittance² sent overseas.

Gilbert Chuah, Head of Mobile Financial Services, International Group said, “Following the recent launch of Dash financial services, we’re excited to introduce Dash Rewards to further engage and delight our growing base of customers. Dash Rewards is our way of thanking our customers for their loyalty, and offering an even more integrated experience that gives them more bang for their buck through useful, everyday rewards.

"As we continue to enhance Dash as an all-in-one mobile wallet, we will be rolling out even more reward options in the months ahead, giving customers more to enjoy.”

The Dash Rewards catalogue features over 50 vouchers from some of Dash customers' most popular and frequently-patronised merchants. On top of Singtel mobile services such as its hi! SIM Card and 1 GB data vouchers, customers can look forward to vouchers from:

- Supermarkets and convenience stores such as Giant, Cold Storage and 7-Eleven

- Transport providers like Grab and Gojek;

- Food delivery services GrabFood and FoodPanda;

- Retailers like Sephora, Zalora, and Adidas; as well as

- Lifestyle and entertainment partners such as Steam and Razer.

The programme features three tiers—Silver, Gold and Platinum. As users move up the tiers, they can accumulate points at an accelerated rate.

Details:

As part of the launch, Dash is also offering double the Dash reward points from now until end December for payments³ with Dash.

1 Excluding transactions for Singtel bill payment, donations to charity organisations, topups to Dash accounts, payments to another Dash account, payments to Etiqa Insurance, payments to Great Eastern General Insurance, cashout and adjustments made for refunded transactions.

2 Each remittance earns 100 points, regardless of value.

3 Double Dash Rewards does not apply to remittances.

Dash expands services during COVID-19 outbreak

• Enables more convenient money transfers from home

• Waives remittance fees and offers complimentary COVID-19 insurance protection

• Boosts support for merchant partners and customers

Source: Singtel. Dash has partnered local insurer NTUC Income to be one of the first to extend free 30-day COVID-19 insurance protection to foreign workers when they remit at least S$100 back home. It will offer complimentary remittance services to healthcare workers sending money to any of the seven markets served by Dash, and to Malaysians transferring funds home to Malaysia, a new addition to Dash’s remittance network.

Singtel’s Dash is supporting the community with new initiatives that will provide customers and partners with more options as they seek to remit money, shop online for necessities, and connect their businesses with demand during a time when COVID-19 social distancing measures are encouraging people to stay home.

To aid employers and foreign workers based in Singapore who are impacted by stay-home measures and travel restrictions, Dash is offering complimentary mobile remittance services to enable safe and convenient digital money transfers to the seven countries in its network – Bangladesh, China, India, Indonesia, Malaysia, Myanmar and the Philippines.

Arthur Lang, CEO of Singtel’s International Group, said, "At Singtel, we are standing with the nation to safeguard public health and safety amid COVID-19. During these uncertain times, we understand how important it is for customers to be able to stay connected or send money to loved ones, and we are pleased to enable that through our digital services like Dash.

"In particular, we’re extending support to healthcare workers fighting on the frontline, and foreign workers in Singapore. We recognise that many of our remittance customers are the sole breadwinners in their families, and we want to rally behind them by relieving some of the burden they face in these challenging circumstances.”

Yeo Guat Kwang, Chairman of the Migrant Workers’ Centre and the Centre for Domestic Employees said, “The COVID-19 outbreak has placed great strain on our foreign worker community in Singapore, especially with the stricter measures being implemented to fight the spread.

"We welcome Singtel’s efforts to make it easier for our migrant brothers and sisters to use mobile remittance services and defray some costs, as well as give them the freedom to do remittance without the need to queue physically at remittance outlets. This will help provide much-needed peace of mind for the workers and their families, who depend on receiving this money promptly during this trying period.

"We are pleased to work with Singtel to raise awareness among our migrant brothers and sisters on using digital solutions to stay connected with their communities and to transfer money home.”

Dash will offer complimentary remittance services* to healthcare workers sending money to any of the seven markets served by Dash, and to Malaysians transferring funds home to Malaysia, a new addition to Dash’s remittance network. Dash will also waive fees on all new users’ first mobile remittance.

Dash has also teamed up with local insurer NTUC Income to be one of the first to extend free 30-day COVID-19 insurance protection** to foreign workers when they remit at least S$100 home. The COVID-19 insurance provides a S$1,000 lump-sum payout upon diagnosis, and supplements Dash Protect, which is already available on a complimentary basis to customers remitting S$100 and above.

Later this month, Dash will also enhance its remittance offering for China, Singapore’s largest remittance market. Dash will be the first mobile wallet in Singapore to connect with the Alipay app and its 900 million users, expanding the remittance options for transfers to China beyond bank accounts.

This new offering enables Chinese working and living in Singapore to make seamless and near real-time transfers from their phones directly to their beneficiaries’ wallets. Dash customers need only add an Alipay-registered mobile number in the Dash app, and the recipient in China will receive the money within minutes through the bank account linked with the Alipay app.

“Mobile remittance services is one way customers can reduce their exposure to crowds and physical contact. Furthermore, employers can increase the convenience for their foreign workers by paying them directly through Dash, as that money can then be easily and securely sent overseas without having to leave the safety of home. We’re encouraging one and all to use digital services during this time to stay home and stay safe,” Lang added.

To help customers tide through this period, Dash is also launching a Stay Home, Stay Connected campaign in the coming weeks, partnering top online shopping sites such as Lazada, Shopee and Amazon, as well as food delivery services including Deliveroo to offer even greater savings. Customers can use their Dash Visa Virtual Account to make online purchases or food and grocery deliveries from home without the need for an actual credit or debit card.

Dash will also be helping merchants better find, connect with, and serve the needs of the online customer base, functioning as a channel for them to market their services to all Singapore residents. For instance, to encourage the support of small and medium businesses, Dash will offer cashback on all purchases at 99%SME, the online marketplace that aims to encourage people nationwide to discover products from these businesses.

This initiative is in support of the Infocomm Media Development Authority’s Stay Healthy, Go Digital campaign to promote the use of digital technologies to carry out daily activities from home and make business continuity plans more accessible during COVID-19.

Details:

Dash, which has over a million registered users, is available to everyone regardless of telco or banking relationship, and can be downloaded on any mobile platform.

*Fee waivers will be applied to all remittances made from 9 April to 8 May 2020.

**Available until 31 May 2020. www.income.com.sg/singtel-dash

Western Union brings seamless mobile remittances to Singapore

Singapore has joined Hong Kong and Malaysia in benefiting from Western Union’s digital acceleration of major regional economic centres across the world.

Screenshot from the Western
Union mobile app for
Android.

The Western Union Company, a cross-border, cross-currency money movement provider, has launched an upgraded Western Union mobile app in Singapore that allows customers to send money directly into bank accounts worldwide, mobile wallets where available or to Western Union’s more than half a million agent locations in more than 200 countries and territories, anytime and anywhere*.

The app also enables customers to estimate fees and foreign exchange rates for online money transfers, track past and pending transactions, show payout options available in the receivers’ country, and provide round-the-clock customer service.

Singapore is a major hub for money movement and is the fourth largest remitter in Asia after Hong Kong, Japan and Malaysia– remitting more than US$6.1 billion last year, according to IFAD**. It is propelled largely by its international standing as a popular international labour market for professionals, offering both high and low skill employment opportunities, Western Union notes.
Last year, Western Union moved money into 175 countries from Singapore. The company's platform processes an average of 32 transactions every second and moves US$300 billion a year across 130 currencies.

“We are delighted to introduce online money transfers in Singapore, where a high level of digital connectivity has offered consumers boundless possibilities to integrate mobile usage across various aspects of their daily lives. In addition to enjoying seamless digital money movement via the Western Union mobile app, we have also integrated the option for customers to commence their transaction within the app and pay for the transaction in person at retail,” said Molly Shea, Senior VP & GM, Global Money Transfer, Asia Pacific, Western Union.

“The capabilities of our platform today give us an unrivalled advantage – a fully seamless digital offering or a hybrid of online and offline. This multichannel capability utilises our growing international bank and wallet payout network and further monetises our iconic retail network. It positions us favourably, to serve a global customer base with diverse preferences, like no other.”

Western Union has provided money transfer services in Singapore for more than 15 years. Agent locations across the country offer customers the opportunity to send and receive money in person, from all major cities including small towns in remote areas.

Details:

In line with Monetary Authority of Singapore regulations, prior to the first use of the online service and the app, customers are required to register on the app and undergo a verification process. This requirement is also in place for other remittance services.

A verification email will be sent to the registered email/phone number. Once confirmed, the customer can proceed to enter his personal details and valid ID details. Acceptable IDs include National Registration Identity Cards (NRIC), passports and driving licences.

Customers can then proceed to verify their ID and details through a video chat with an agent or verify in-person at a Western Union Agent location. Upon receipt of an email confirmation of their successful account verification and activation, Western Union customers can conveniently send money anytime, with a few clicks from their mobile phones.

Download the app for iOS or Android.

Call the Singapore hotline at +65 6336 2000 with questions, email SingaporeEnglish.customer@westernunion.com for support in English or SingaporeMandarin.customer@westernunion.com for support in Chinese. Queries can also be answered in person at over 70 Western Union Agent locations across the country.

*While the app has been available for some time, customers had to start the transfer within the app and then make the transfer in person at an agent in the past. The current version of the app allows them to pay for their transactions within the app using a choice of card or account, and or continue to pay in-person at retail. Western Union typically adds a transfer fee for the in-person service without the app that rises in tandem with the amount remitted; a flat fee is charged for using the app and then paying in-person, and drawing on a choice of card or account is currently free of transfer fees.

**International Fund for Agricultural Development (IFAD), RemitSCOPE – Remittance markets and opportunities – Asia and the Pacific (PDF)

MoneyGram expands in Japan

MoneyGram has launched its money transfer services at 18 locations managed by City Express Money Transfer (City Express) in Japan, increasing the number of MoneyGram touchpoints across the country to nearly 50.

To meet the growing demand for money transfer services, MoneyGram recently expanded its network in Japan with locations providing greater coverage of key prefectures, including Tokyo, Saitama, Ibaraki and Tochigi.

"Japan is a significant send market in the Asia Pacific region and one of the key countries for MoneyGram," said Yogesh Sangle, MoneyGram's head of Asia Pacific. "The agreement with City Express, one of the fastest growing remittance companies in Japan, reinforces our strategy to bring more convenient options to our customers to send or receive funds whether in cash or directly to their bank account." 

"With MoneyGram we can offer our customers a money transfer service that is fast and reliable. This collaboration demonstrates our commitment to offer our customers the right partner to send funds to their loved ones around the globe," said Mahesh Kumar Shrestha, President and CEO of City Express Money Transfer Japan.

According to the World Bank, over US$8.8 billion in remittances flowed out of Japan in 2016 mainly to China (US$4.1 billion), South Korea (US$1.7 billion), and the Philippines (US$1 billion).

Hashtag: #moneygramnews

Sending Singapore remittances to Indonesia is now more convenient with new Dash service

Source: Singtel. A wefie to celebrate the launch of Singtel Dash’s new mobile remittance service.

Singtel and Telkomsel have launched a real-time mobile remittance service to Indonesia at Festival RISING50. Offered by SingCash under the Singtel Dash brand, this service allows customers in Singapore to send money to PT Pos Indonesia’s 4,500 cash-out points* across the country via Weselpos Instan**. This is an enhancement to the current facility that lets customers send money to Indonesian bank accounts.

Source: Singtel. From left: HE Ngurah Swajaya, Ambassador of the Republic of Indonesia to Singapore; Yuen Kuan Moon, CEO, Consumer Singapore, Singtel; Pak Ririek Adriansyah, CEO, Telkomsel and Pak Gilarsi Wahju Setijono, President Director, PT POS Indonesia launch Singtel Dash’s new mobile remittance service at Festival RISING50.

Source: Singtel. Part of the 4,000-strong crowd.

This marks the first time that Singtel and Telkomsel are collaborating on mobile money initiatives to drive innovation in both their markets. According to the Embassy of the Republic of Indonesia in Singapore, there are 200,000 Indonesians living and working in Singapore. Outward remittances from Singapore to Indonesia total more than US$409 million yearly***.

Yuen Kuan Moon, CEO, Consumer Singapore, Singtel, said, “Indonesia is one of our main remittance corridors and we are pleased to partner Telkomsel to offer convenient and secure mobile remittance cash pick-up service for our Indonesian friends. Singtel Dash will continue to enhance the mobile payments experience for our customers and enable their digital lifestyles. We are also excited to contribute to Singapore’s journey to a Smart Nation by developing the mobile payments ecosystem in Singapore.”

Ririek Adriansyah, CEO, Telkomsel, said, "Telkomsel's partnership in Singtel's remittance service is one effort to support our government in promoting financial inclusion for Indonesian people, especially the unbanked segment. Foreign remittance enables them to improve their quality of life as well as provide an opportunity to begin saving for the future. We believe every little effort to promote financial inclusion will also accelerate the growth of Indonesia’s economy."

In line with their commitment to work together on smart money initiatives, the two leading telcos also announced future plans to offer mobile remittance to Telkomsel’s TCash, offering a complete mobile wallet-to-mobile wallet experience. They also plan to expand the number of cash pickup points to GraPARI Telkomsel service centres, as well as PT Bank BRI branches in the second half of this year.

More than 4,000 Indonesians attended Festival RISING50 at the Embassy of the Republic of Indonesia in Singapore over the weekend. Presented by Singtel and Telkomsel, this is the first concert event of RISING50 celebrations held in commemoration of 50 years of bilateral relations between Singapore and Indonesia.

Popular Indonesian music artistes were specially invited to Singapore to take part in the festivities and entertain the Indonesian community. Pop band, Armada wowed the audience with songs such as Mau Dibawa Kemana and Pergi Pagi Pulang Pagi. Siti Badriah, one of Indonesia’s up-and-coming dangdut**** singers, got the crowd singing and dancing along with her hit songs such as Brondong Tua and Goyang Pumang. 

Singtel Dash is Singapore’s first all-in-one mobile payments solution that is available to everyone. It is the only mobile payments app that offers fast, secure and real-time mobile remittance services, supports in-store and online retail payments, as well as transit payments. Customers can enjoy paying with Singtel Dash for their taxi, bus and train rides, as well as at supermarkets, convenience stores and food courts. There are nearly 500,000 Singtel Dash customers today. Usage is growing; the volume of monthly transactions has doubled over the last six months. 

Interested?

To celebrate the launch of the service, Singtel Dash is offering remittance fee waivers until 31 March 2017 to customers who send money via Weselpos Instan.

*Kantor Pos (post office) branches operated by PT Pos Indonesia.

**Weselpos Instan is a remittance product of PT Pos Indonesia.

***Source: World Bank Bilateral Remittance Matrix 2015.

****Dangdut is a music genre for Indonesian folk and traditional popular music with roots in Hindustani, Malay, and Arabic music.

Blockchain-powered settlement network to waive fees for transfers to Singapore in 2017

OKLink, the global settlement platform, has announced the first completely free corridor for remittances. Transfers of up to US$100,000 per month into Singapore will be free for 2017, the compaany said.

OKLink previously charged 0.1% of the amount to make cross-border payments to Singapore, while some companies charge as much as US$5 per transaction.

Jack Liu, Chief Strategy Officer at OKLink, said, “As the world’s largest global settlement network powered by Blockchain, we can conduct cross-border payments faster and at a cheaper rate as more partners join the network. We believe that our initiative will make a revolutionary impact on the global economy, especially for markets with a high degree of overseas workers. There is no better alternative for Singapore today.”

Launched in August 2016, OKLink currently offers payouts to 40 countries across Asia, Europe, and the Americas, and already has more than 100 partners on its network. As of December 2016, OKLink had completed over 10,000 transactions via its settlement network.

Interested?

Transfers to Singapore can be made after registering an account. It can take under one business day for the payout to be deposited in the recipient's account.

Western Union remittances available digitally to Maybank customers in Malaysia

Source: Western Union Financial Services. Bassem Awada, Western Union VP for Key Initiatives, Middle East, Africa, Asia Pacific, Eastern Europe and CIS (left) and Datuk Lim Hong Tat, Maybank Group Head, Community Financial Services (right) at the launch of Western Union Money Transfer Service via the Maybank M2U Mobile App.

Maybank and Western Union, a global payment services provider, have launched the first digital remittance service in Malaysia via the Maybank2u (M2u) mobile banking app. The digital remittance service is also available on the Maybank2u website.

The feature enables Maybank customers to transfer money to more than 500,000 Western Union agent locations in over 200 countries and territories*. The money transfer service is available 24 hours a day, seven days a week including public holidays, and allows customers to transfer up to RM10,000 in a day. Recipients are typically able to access the money much sooner than through traditional money transfer methods.

Maybank Group Head, Community Financial Services, Datuk Lim Hong Tat said that the new service will reinforce Maybank's online leadership and help the bank to grow its business of enabling transactions on digital platforms. "This new service reflects the same commitment we have as Western Union in providing consumers the best in cross-border financial services. Maybank customers are now able to enjoy fast, convenient and reliable cross-border remittance transfer services digitally around the world," he said.

"We have revolutionised the money transfer processes for Maybank customers when comparing with current practice, where they need to visit a Western Union Agent location in order to transfer money. Now, all they need to do is log in to the M2u App and select the Western Union service, and they are good to go."

Maybank is the leading mobile banking provider in Malaysia with 62% share of all mobile banking transactions in the country, performed via M2u.

Bassem Awada, Western Union VP for Key Initiatives, Middle East, Africa, Asia Pacific, Eastern Europe and CIS, said, "This mobile banking app not only grows our relationship with Maybank, but also strengthens our position in Malaysia's cross-border money transfer market. The combination of Maybank's strong presence in digital banking and Western Union's growing digital network, geographic reach and ability to exchange in 130 currencies enables us to move money quickly and reliably."

*Network data as of September 30, 2016

Singtel offers discounts off Dash remittance fees

Singtel has announced that till 30 September 2016, those sending money to selected countries can enjoy 50% off remittance fees.

There are discounts for Indonesia (S$5), India (S$2.50) and China (S$8). Terms and conditions apply.

Interested?

Sign up at the Dash flagship stores at Lucky Plaza #01-26, or City Plaza #01-02

Merchantrade Asia rolls out e-remit online money transfer service

Source: e-remit website.

Merchantrade Asia, the largest non-bank remittance service provider in Malaysia, has launched the e-remit secure online money transfer service. The remittance service currently serves Indonesia, Singapore, Pakistan, India, Bangladesh, Philippines, Myanmar, Nepal and Sri Lanka through an online portal.

E-remit aims to offer very good exchange rates with low service charges for its customers, with a delivery time of one working day depending on the country, making them at par with global competitors. 

The service only requires a one-time verification of users at any one of its 70 branches after a quick signup process. Merchantrade also provides complimentary door-to-door verification in the Klang Valley area for customers who do not have the time to travel to Merchantrade’s branches. Customers will only need to make an appointment and Merchantrade’s personnel will provide a prompt visit at customer’s home, working place or a preferred location. 

E-remit’s transactions occur over secure SSL connections as well as firewalls with advanced security systems. In addition, the website is certified by VeriSign Secure Seal and supported by Financial Process Change (MEPS-FPX) and the International Association of Money Transfer Networks. 

E-remit will soon be complemented by a mobile app, the company said.

Interested?

Register

Mashreq offers existing customers foreign currency support

Source: Mashreq Bank.

Mashreq in the UAE is offering an instant Foreign Currency Account (FCY) to existing customers, who can open the new account online, at no additional cost and with full transactional capability.

Once open, customers can transfer funds from any existing account to buy foreign currencies like US$, the Euro, British pound and A$ for the FCY-denominated account. It can also be used for inward or outward remittances.

Tooran Asif, Head of Personal Banking, Mashreq said, "We understand our customers’ needs for convenient banking services, and we know the hassle people go through with currency exchange and services. Mashreq is currently the first bank in the UAE to offer the new instant FCY facility to customers. This is yet another showcase that Mashreq is advancing rapidly and we are committed to creating innovative products and services that provide quick and reliable solutions."

Aref Al Ramli, Head of Electronic Business Innovation commented, "We want to provide our customers with the most advanced and secure platforms to carry out their everyday banking transactions. The FCY is aimed to provide customers with instant, efficient and a smooth service and with this service we reflect on Mashreq’s commitment to continue extending its customers with the best banking services and products."

For additional accessibility, select Mashreq branches will allow US$, Euro and British pound balances to be withdrawn.

Western Union renews agreement to offer its services at Hong Leong Bank branches in Malaysia

Western Union, which specialises in money transfer services, has signed a three-year renewal agreement with Hong Leong Bank (HLBB) to extend its offering of money transfer services throughout the 283 HLBB bank locations in Malaysia.

Chew Mei Ling, Malaysia Country Director at Western Union, said, "Outward and inward remittances have been growing in Malaysia. Western Union's renewal of the agreement with HLBB will support this growth. This will enable HLBB's customers to continue to use Western Union's fast, reliable and convenient money transfer services."

Susan Wong, General Manager, Retail Deposits and Remittance, HLBB, said, "Total outward remittance for workers has shown a significant growth of 27.8% in 2014 versus 2013*. Collaborating with Western Union reflects a huge opportunity for us in accelerating the remittance business and meeting the growing consumer needs for real time money transfer."

Since the passing of the Money Services Business Act in 2011 that defined stipulations for the licensing, regulation and supervision of the money changing, remittances and wholesale currency business, there has been a tremendous increase in outward and inward remittances, with a three-year compounded annual growth rate of 30% and 20% respectively*. This growth is due mainly from senders converting from informal to formal channels for money transfer driven by greater public awareness on the value of using legal channels for remittances plus additional and easier money transfer options through mobile and Internet remittance services.

*Source: 2014 Annual Report, Bank Negara Malaysia.

MoneyGram self-service kiosks to stay in 7-Eleven stores in Australia

Source: 7-Eleven Australia website.

MoneyGram International, a global money transfer and payment services company and the only funds transfer provider in Australia to offer money transfer services through a kiosk, has extended its agreement with 7-Eleven in Australia to allow customers to send and receive funds anytime at self-service kiosks located in 7-Eleven stores. More than 60% of transactions made at these kiosks are completed after normal business hours.

"This agreement demonstrates MoneyGram's commitment to providing customers with innovative and convenient options to quickly send and receive funds at any time," said Grant Lines, MoneyGram's EVP of Asia Pacific, South Asia and Middle East. "7-Eleven's relationship with Cullinan Consulting Group, which provides the kiosks and retailer assistance technology, has enabled us to successfully offer these easy-to-use, technologically advanced services at 7-Eleven stores since 2010, and we look forward to continuing our collaboration."

The kiosks provide convenient, easy-to-use money transfer services 24 hours a day at more than 530 7-Eleven stores in Australia. 7-Eleven Stores operates 600 stores in Queensland, New South Wales,Victoria and the Australian Capital Territory in Australia.

"Introducing MoneyGram has provided our customers with another reason to visit 7-Eleven. Thousands of new and repeat customers use this service every year, enhancing our convenient, one-stop shopping for Australians," said Warren Wilmot, CEO of 7-Eleven Stores.

According to the World Bank, the Australia remittance market is worth approximately US$7.3 billion as of April 2014. Money transfer transactions sent from Australia primarily go to India, the Philippines, Fiji, Zimbabwe, Pakistan, Bangladesh and South Africa.

Xpress Money launches daily draw for remittance customers in 11 countries

Xpress Money, the money transfer brand, has launched the 49-day `Win Everyday’ incentive programme, applicable to customers transferring money from Malaysia and 10 other countries, including UAE, KSA, Qatar, Kuwait, Bahrain, Jordan and Brunei.

Source: Xpress Money website. 

According to World Bank data, total outbound remittances from Malaysia are valued at US$2.3 billion in 2012*. “At Xpress Money, we are expecting a 15% rise in remittances during Ramadhan. The `Win Everyday’ programme is our way of wishing Ramadhan Kareem to our customers across the world and this incentive scheme will give our customers the opportunity to earn an added bonus - that they could send back to their families during the festival of Eid,” said Sudhesh Giriyan, Vice President & Business Head, Xpress Money.

In Malaysia, Xpress Money currently has 93 agent locations.

*Remittance Data Outflows – Apr 2014 – World Bank