MatchMove’s Boss Mobile Money App is enabling cross-border remittances for migrant workers in Singapore
We are certainly living in unprecedented times, where the entire world is adjusting to the effects of a pandemic. Staying indoors is not just a preventive measure, but it is possibly becoming a way of life. It will change the way we operate our businesses. Change in business operating models will mean a change in our lives too. These changes have presented individuals with multiple challenges; we are looking at massive shifts in behavior and consumption patterns.
One such community to face the challenges are the foreign migrant workers. As per a CNN article, there are roughly 1.4 Mn migrant workers in Singapore. They come to this country in hopes of earning money to support themselves and their families back home. Therefore, as soon as they receive their salaries, they send a portion back to their families through money transfer agents or banks. The lockdown, quarantine requirements, and restrictions imposed by the various countries due to the pandemic make it difficult for this community to send money across borders.
Typically, a person would have to visit a nearby agent, give cash, initiate a remittance request, and pay the transaction fee (usually marked up). Sometimes, the transfer can take longer than 3-4 days to reach its destination. Although this is a concern, it is not the only one. Remitting money via a traditional route comes with an added cost. These costs are in the form of higher exchange rates and agent commission fees. Remember, we are talking about a demographic that is not paid highly, extremely price-sensitive and any additional cost will have an adverse impact on them.
This is where MatchMove’s Boss Mobile Money app can help address the problem and facilitate cross-border remittances for the foreign migrant worker segment. The proven Boss App is affordable and convenient. We have some of the lowest transaction fees in the market and transparent exchange rates. Users simply have to download the app, signup, complete the KYC process, add money to the wallet, and send the money overseas. All this from the comfort of your house; no more waiting in long queues or paying high fees.
Along with the mobile application we also set up a storefront to help those that are not so tech-savvy. According to the news article, a significant number of people [migrant workers] are “employed in construction companies, manual labor, and housekeeping.” The combination of the storefront and the mobile application provides added reach and distribution to strengthen our company’s vision of making financial services available to everyone.
The Boss Mobile Money app began with a simple idea of enabling people to send money across borders seamlessly and cost-effectively. It is built on the core foundation of the MatchMove ‘Banking-as-a-Service’ platform that can enable Spend.Send.Lend™ capabilities for anyone, anywhere. The Boss Mobile Money app is currently being enhanced to include new features and functionalities like prepaid cards for payouts.
We currently support 7 countries - India, Philippines, Indonesia, China, Bangladesh, Vietnam, and Malaysia through Bank Transfers, Cash Pickup, and eWallets, with more corridors in the pipeline. We have seen tremendous growth in the user base and transaction volumes. In the last 4 months, we doubled the number of active users compared to the previous 4 months. We also saw a healthy jump of 58% in the number of app downloads in the last 4 months. But what makes us happier is that our users come back to our app every month. Our monthly active user base saw a growth of 18% on average. With over 26,000 followers on our Facebook page, it is evident that we are solving a real-world problem. We take pride in the fact that our own customers become our mouthpiece and advocates in spreading the word.
Recently, MatchMove and KPMG collaborated with Expand Group to extend this digital service to their employees to help them send money back home.
Financial inclusion and ease of doing digital transactions should be for all people and that is what we are aiming to do at MatchMove with our range of financial products. We hope to make a change in this world and it starts with bringing warm smiles to the migrant community by helping them improve the quality of their digital lives and send money to their families.
- 13 July 2020