MatchMove Pay ready to disrupt the billion dollar remittance market
Award-winning FinTech innovator MatchMove Pay today announced that it has received clearance from the Monetary Authority of Singapore (MAS) to commence remittance services in Singapore.
“The remittance market is estimated at more than US$50Bn in SE Asia alone, with outbound remittance from Singapore estimated to grow beyond US$1Bn. With this approval from MAS, we can execute our strategy of bringing safe, affordable and instant remittance services to all mobile phone users who are resident in Singapore. Being regulated by MAS also means that we will adhere to one of the strictest KYC/AML processes stipulated by one of the most respected financial jurisdictions in the world”, said Shailesh Naik CEO and Founder of MatchMove Pay, speaking at the SIBOS global banking conference in Singapore this week. “Compared with other mobile payment services, our platform is independent of banks and telco’s, so users are not restricted in any way and can have the best choices made available to them, regardless of their mobile operator or where they do their banking. Real competition and real benefits to the customer.”
“We will be integrating major rails from existing remittance operators and as well as introducing more innovative but compliant and regulated services for the many Singapore residents who need to send funds home to friends and family. At present, they need to take time off to go to their favourite mall, queue to extract cash from the ATM and then often spend hours waiting in line to send money via a physical remittance outlet. With our wallet-as-a-service, and the approval of MAS, users can now transfer funds instantly, anytime, anywhere. Cash can be collected in their home country from one of 250 000 physical locations being enabled by MatchMove and its banking and remittance partners in the Philippines, India, Vietnam, Indonesia, Thailand and Malaysia. Funds can also be transferred direct to a MatchMove powered wallet in that country or have it transferred to a bank account” added Hsueh Huah Leow, COO and Co-founder of MatchMove Pay.
“Apart from its ability to host services from major payment networks such as MasterCard, Visa and American Express through the issuing of pre-paid cards, the MatchMove wallet has many unique and patent-pending security features that reduce the risk of fraud and increase user confidence when making online purchases or sending money, so now users can both spend online or offline with an optional physical card or send funds home directly from their mobile phones. No more queues!” says Gitesh Athavale, Senior VP at MatchMove.
About MatchMove Pay
MatchMove is Singapore’s fastest growing mobile payments technology company, providing innovative enterprise solutions to help businesses increase revenue, user engagement and loyalty through the strategic use of our customizable cloud-based platforms.
The MatchMove Wallet is a B2B platform-as-a-service that enables any major consumer brands, banks, lifestyle apps, telcos and regional e-commerce sites to easily issue secure mobile payment cards to reach millions of potential shoppers with smartphones in Asia and emerging markets. The full-service platform comes with the capability to issue virtual and physical cards from major networks like American Express, Visa, RuPay, MasterCard, UnionPay and JCB. Uniquely, MatchMove is one of the very few worldwide mobile payment platform-as-a-service authorized by MasterCard and American Express to issue cards directly to users in approved jurisdictions, or anywhere else in the world with partner banks.
MatchMove Pay has been recognised internationally for its outstanding innovation, including “Global Top Innovator” at SIBOS in Boston and ‘”Top FinTech Disruptor” at the FST/Asean Banking Conference in Singapore. The company was ranked as Singapore’s fastest-growing technology company in Southeast Asia in the Deloitte Technology Fast 500 Asia Pacific in 2013
For more information, please visit: