ASEAN-focused fintech BigPay has announced the launch of a new international remittance based service.
The solution enables customers to transfer money directly from Malaysia to bank accounts in Singapore, Thailand, Indonesia and the Philippines, with no hidden fees or extra charges.
Available through the firm’s mobile app, users can deposit funds into BigPay through their bank cards or via bank transfer.
“We’re focused on democratising financial services in ASEAN, so it’s an exciting moment for us to be able to offer Malaysians a cheaper and better alternative to remit money,” said Chris Davison, CEO and co-Founder, BigPay.
“Technology can dramatically reduce the cost of remittance and we want to make it easy for people to move money abroad – whether it is sending money to family, friends or other overseas payments – without having to pay exorbitant exchange rates and transfer fees.”
The new solution corresponds with BigPay’s “mission to deliver fair and transparent financial services.”
International remittances will be offered to its customers at a “fixed fee per corridor” and the launch acts as “the first wave” of remittance-based releases by the company.
Davison concluded: “Approximately US$25 billion is lost globally per year through remittance fees and with BigPay we can change that.
“Financial inclusion is a cornerstone of BigPay and offering low-cost, accessible money transfers is part of that strategy.”
