TransferWise to launch remittance services in Malaysia

It will also enable customers to access eKYC checks.

UK-based fintech firm TransferWise obtained its remittance license in Malaysia which will allow the firm to launch remittances from its fourth Asian location. Previously, TransferWise was only able to enable customers to send money to but not from Malaysia.

Apart from this, the license will also allow TransferWise customers in Malaysia to access eKYC (electronic Know Your Customer) checks, instead of having to fulfil KYC requirements face-to-face.

“That means customers can open an account by simply submitting documents online, via the TransferWise app or website, without having to travel to a physical branch. This is similar to the experience new Singapore customers currently get,” the firm said in an announcement.

TransferWise currently sends money from 43 countries, of which four are in Asia - namely Singapore, Japan and Hong Kong and Malaysia. Meanwhile, it allows money to be sent to 71 countries.

“With an online banking penetration rate of over 85% as well as high smartphone adoption, Malaysia is well poised to become an important hub for fintechs in the region,” Malaysian minister of communications and multimedia Gobindh Singh Deo said.

Launched in 2011 and headquartered in London, TransferWise handles $5.12b of cross-border transfers every month for its 5 million customers.

Also Read

Alipay+ and GHL enable cross-border payments in the Philippines

Visa launches Subscription Manager service

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia