WorldRemit launches in Singapore
Written by Anthony Strzalek
WorldRemit has launched its digital money transfer service in Singapore, allowing migrants to transfer money to over 140 countries as easily as sending an instant message.
The move sees WorldRemit expanding its presence in Asia significantly to include Singapore, Hong Kong, Japan and Malaysia.
According to the UN’s International Fund for Agricultural Development (IFAD), the most dynamic growth in remittances over the past decade has been in Asia, which now receives 55 per cent of the total.
WorldRemit’s digital service, which users can access via the firm’s website or app, aims to improve security and compliance standards as well as eliminating the need for the sender to visit a bricks and mortar agent, which can be inconvenient and time consuming.
Remittances sent from Singapore play an important role in other regional economies – over $6.2 billion left the country in 2015, according to the World Bank. Key recipients include the Philippines, China, Malaysia, Indonesia and India.
Ismail Ahmed, founder and CEO at WorldRemit, said: “We are delighted to be launching our service in a cosmopolitan country like Singapore, which has taken such a progressive approach to innovation in financial services. We look forward to joining the ever-growing FinTech community in Singapore, and helping more people to access our safe, fast, and low cost money transfer service.”