WorldRemit, a prominent digital cross-border payments firm, has announced the introduction of its money transfer services in Malaysia.
Customers of WorldRemit can now send money to over 130 destinations from Malaysia, as well as 50 additional countries such as the UK and the US. Customers can choose from a variety of payout ways for the recipient, including bank deposits, payment to mobile wallets, cash pick-up, and mobile airtime top-up; depending on their location.
Ridzuan Aziz, Country Director for Malaysia at WorldRemit, said, “We’re passionate about making sure that customers can continue to make affordable money transfers to their family and friends in the comfort of their homes. Since 2010, we have disrupted traditional money transfer methods by delivering services that customers can access via smartphones at their convenience. With communities across the world having to change their lifestyles due to the disruption caused by COVID-19, we’re proud to play our part in making sure our customers can continue to support those dearest to them throughout this challenging time.”
Migrant workers account for 15% of the Malaysian workforce making Malaysia home to the East Asia and Pacific region’s 4th largest migrant population. World Bank data shows that remittance outflow from Malaysia has increased by more than 500% since 2016. Migrants make a significant contribution to Malaysia’s economy and support their loved ones as well.
The WorldRemit service will be available to customers in Malaysia in the form of an app or web platform. The service is expected to see widespread adoption in major urban centres, as well as serving the increasing number of migrant workers who are employed in plantations and other rural locations.
For migrant workers, this will provide added convenience as they can avoid making long journeys to send money transfers from traditional shop fronts.
WorldRemit is fully licensed with a Class-B remittance license issued in February 2021 by the Central Bank in Malaysia.
WorldRemit has joined the Bank of Malaysia’s FinTech Regulatory Sandbox Framework. The framework granted regulatory flexibility to financial institutions and FinTech companies to experiment with FinTech solutions to improve digital services in the sector, particularly focusing on inclusivity and better access.
For more details, visit www.worldremit.com