Cheaper cross-bor­der money trans­fers

The Star Malaysia - StarBiz - - News -

PETALING JAYA: MoneyMatch Sdn Bhd, a home­grown com­pany ap­proved by Bank Negara, has launched its “Trans­fer” por­tal, a fully dig­i­tal cross bor­der re­mit­tance ser­vice of­fer­ing ex­change rates and fees far cheaper than in­cum­bent banks.

The Trans­fer por­tal al­lows users to con­duct their en­tire trans­ac­tions on­line via the MoneyMatch mo­bile app and the web plat­form.

It also fea­tures a one-time on­line cus­tomer ver­i­fi­ca­tion also known as an “eKYC” or elec­tronic know your cus­tomer fea­ture.

The CEO of MoneyMatch Adrian Yap said: “Com­bined with our pro­pri­etary straight through pro­cess­ing, MoneyMatch is able to ex­e­cute cross bor­der trans­ac­tions at a faster speed and pro­vide sig­nif­i­cant cost sav­ings to our cus­tomers. Over the past few months, the Trans­fer por­tal has been open to se­lect users who have con­ducted trans­ac­tions worth over a few mil­lion ring­git al­ready to over a dozen coun­tries.”

Yap, a for­mer banker who built his ca­reer in bank­ing ser­vices re­lated to fi­nan­cial mar­kets, added that Trans­fer is aimed at rev­o­lu­tion­iz­ing how con­sumers and cor­po­rate cus­tomers per­form cross bor­der pay­ments.

Yap said: “Our pri­mary mar­kets are the small and mi­cro SMEs who tend to be un­der­served by tra­di­tional fi­nan­cial in­sti­tu­tions and par­ents who send their chil­dren over­seas for ed­u­ca­tion.”

Yap added that the sav­ings Trans­fer can bring to these groups will be sig­nif­i­cant.

“Larger cor­po­ra­tions tend to be in the best po­si­tion to ne­go­ti­ate for bet­ter rates from their banks. Smaller cus­tomers rarely have that priv­i­lege and that’s where MoneyMatch comes in.”

Ac­cord­ing to MoneyMatch it will soon be launch­ing an­other prod­uct called Ex­change which will al­low users to con­duct peer to peer cur­rency ex­changes.

It aims to rev­o­lu­tion­ize cur­rency ex­change by three key ways. One by fa­cil­i­tat­ing users to match their cur­rency ex­change needs on a le­git­i­mate dig­i­tal por­tal; se­condly it al­lows users to ex­change their cur­ren­cies at the ‘mid-rate’ which is the rate at the cen­tre of the ex­change spread seen at banks and money chang­ers; and thirdly is the abil­ity to ex­change cur­ren­cies at var­i­ous pre-de­ter­mined lo­ca­tions, Money Match said.

“The whole point of Fin­Tech is to weed out in­ef­fi­cien­cies for the ben­e­fit of con­sumers.

“We are us­ing avail­able tech­nol­ogy to en­able users to ex­change their cur­ren­cies mi­nus un­nec­es­sary costs. More im­por­tantly, we are do­ing this un­der the ap­proval of the cen­tral bank,” said Naysan Munusamy, co-founder of MoneyMatch.

He added: “Ex­change is po­ten­tially the first reg­u­lated peer to peer cur­rency ex­change model in the world. We have been quiet about it as we work out the nitty gritty de­tails to en­sure a high level of safety and se­cu­rity to users.

“We feel it will be a game changer in the in­dus­try.”

Money Match will charge a trans­par­ent flat fee for trans­ac­tions.

Yap: Over the past few months, the Trans­fer por­tal has been open to se­lect users who have con­ducted trans­ac­tions worth a few mil­lion ring­git to over a dozen coun­tries .

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