UnionPay, MaxMoney Partnership to ride rapid growth of online money remittance
KUALA LUMPUR, Malaysia, Jan. 13, 2022– 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.