WorldRemit launches digital money transfers in Malaysia

KUALA LUMPUR: London-based digital money transfer company, WorldRemit, has been launched in Malaysia. The company’s presence will enable the transfer of money to over 140 countries as easily as sending an instant message, using the WorldRemit application or website.

In a statement yesterday, WorldRemit said it was accepted as one of only four initial entrants into Bank Negara Malaysia’s Financial Technology Regulatory Sandbox in June, alongside the appointment of Ridzuan Aziz, with experience in compliance advisory and fintech, as country director.

WorldRemit said the digital, mobile-first model significantly improves security and compliance standards.

“It also eliminates the need for the sender to visit a bricks and mortar agent, which can be inconvenient and time consuming,” it added.

It said the move sees WorldRemit expanding its presence in Asia significantly to include Malaysia, Singapore, Hong Kong and Japan as send countries.

It has seen remarkable growth across the Asia Pacific (APAC), which now accounts for almost 25 per cent of all transactions sent by WorldRemit globally.

Remittances sent from Malaysia play an important role in other regional economies and just under US$6 billion was sent in 2015, according to the World Bank and key recipients included the Philippines, Thailand, Vietnam and Indonesia.

WorldRemit APAC director, Michael Liu said Malaysia had a strong economy and flourishing fintech community.