Malaysia's CIMB launches money transfer service to 5 Asian countries

CIMB launched its international money transfer service, SpeedSend, to Myanmar, Vietnam, India, Bangladesh and Nepal.

SpeedSend was launched as a pilot service to Indonesia and Philippines in September last year.

“We believe SpeedSend will be able to capture the market, given the strong presence of CIMB Group retail branches at more than 1,100 locations in Asean, as well as, partnering banks and agents across the region,” said Group deputy chief executive officer and Head of Consumer Banking Renzo Viegas.

CIMB Group, Malaysia’s second largest financial services provider, had a retail branch network of 1,113 branches in Asean as at June 30, 2012.

Viegas said the service would also be launched in Singapore, Thailand, Sri Lanka and South Europe over the next few months.

“SpeedSend is truly a unique offering that we have at CIMB Bank and we can cross-sell to other financial institutions as well as money transfer agents as a fast, convenient and reliable money transfer service,” he said.

Malaysia was a growing market for money transfer activities in the region due to the influx of million of foreign workers into the country.

Viegas said in 2010, an estimated RM21 billion (US$7 billion) in remittance outflow was reported by the World Bank.