WorldRemit launches in Malaysia
Written by Anthony Strzalek
WorldRemit has launched its digital money transfer service in Malaysia, allowing migrants to transfer money to over 140 countries as easily as sending an instant message.
This digital, mobile-first model aims to significantly improve security and compliance standards. It also eliminates the need for the sender to visit a bricks and mortar agent, which can often be inconvenient and time consuming.
The move sees WorldRemit expanding its presence in Asia significantly to include Malaysia, Singapore, Hong Kong and Japan as send countries.
According to the UN the most dynamic growth in remittances over the past decade has been in Asia, which now receives 55 per cent of the total. Remittances sent from Malaysia play an important role in other regional economies – just under $6 billion was sent in 2015, according to the World Bank. Key recipients include the Philippines, Thailand, Vietnam, and Indonesia.
Michael Liu, APAC director at WorldRemit, said: “Any international financial technology business wanting to achieve a real business presence in Asia Pacific needs to be in Malaysia. Malaysia has a strong economy and a flourishing FinTech community.
“The growing recognition of the importance of innovation, through developments like the country’s new regulatory sandbox and the Digital Free Trade Zone, signifies greater government policy support for businesses like ours.”