Perfect match for money transfers overseas
KUALA LUMPUR: MoneyMatch Sdn Bhd, a FinTech company approved by Bank Negara Malaysia, is aiming at expanding its online platform for overseas fund transfers throughout the country.
It has been growing rapidly since the launch of its Transfer platform -- transfer.moneymatch.co -- on October 30 last year.
Within the short span of three months since it went live, its customer transaction volume has reached RM35 million.
This is a testament to how receptive Malaysian consumers are to adopting new technology; using a completely online financial service either to transfer funds overseas for personal reasons, or for business users to transact and pay for invoices from suppliers abroad.
MoneyMatch chief executive officer, Adrian Yap, said: “Over the past few months, we’ve been engaging with our customers and we’re pleasantly surprised to hear feedback and comments from our users on how we’ve been able to genuinely save them money with our purely digital solution that enhances user experience.
“One of our top business customer who operates a halal travel company reported savings of over RM2,000 a month just by switching over from his traditional bank to us to perform his crossborder payments.
“We also have a myriad of customers from parents paying university fees in Australia and UK as well as business paying for import invoices to China and Indonesia just to name a couple of examples.”
Given this encouraging growth, MoneyMatch is also now eyeing the opportunity to expand overseas into countries where they are currently remitting funds to for their customers, as well as jurisdictions which are supportive of new FinTech entrants such as the company.
MoneyMatch has also recently trialled their second innovative product, “MoneyMatch Exchange” where users can exchange currencies at ‘mid-rate’ with MoneyMatch when travelling overseas.
This feature is currently enabled for ringgit-Singapore dollar currency exchange and will be expanded to other popular currencies within the next few months.
Naysan Munusamy, the co-founder of MoneyMatch, affirmed that the whole point of FinTech is to weed out cost inefficiencies for the benefit of consumers.
“We are bringing innovative technologies in the field of financial services to enable users to exchange theircurrenciesminusunnecessary costs,” he said.
“The Financial Technology Enablement Group of Bank Negara Malaysia has been really supportive of our initiatives in driving the growth of the fintech industry in Malaysia and we at MoneyMatch look forward to continue working under Bank Negara Malaysia’s governance.”
Throughout 2018, MoneyMatch expects to expand its presence to key cities such as Penang, Ipoh, Johor Bahru, Kota Kinabalu and Kuching as they look to promote cost efficiencies in cross border payments via their innovative fintech solution.
MoneyMatch’s office is located at Unit 5.01, Menara LGB, 1 Jalan Wan Kadir, Taman Tun Dr Ismail, Kuala Lumpur. Visit www.moneymatch. co or contact 03-27716284 for enquiries.