Press Release
BigPay introduces international money transfers, connecting Malaysians to their loved ones across ASEAN
BigPay users can now transfer money directly to bank accounts in Singapore, Thailand, Indonesia and the Philippines with no hidden fees and charges
MALAYSIA, September 23, 2019 – BigPay, an ASEAN focused fintech company, has launched international remittance services enabling users to send money directly from Malaysia to bank accounts in Singapore, Thailand, Indonesia and the Philippines, with no hidden fees or extra charges.
BigPay is pioneering digital remittance through its mobile application, offering a seamless experience with instant money transfers. Users can deposit funds into BigPay through their bank cards or via bank transfer.
In line with BigPay’s mission to deliver fair and transparent financial services, international remittances will be offered to our customers at a fixed fee per corridor[1] with competitive exchange rates. This is the first wave of BigPay’s international remittance rollout, with additional corridors to be announced in the near future.
“We’re a 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.
Approximately US$25 billion is lost globally per year through remittance fees – 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.”
BigPay is also one of the first fintechs in Malaysia to receive approval from Bank Negara Malaysia to use eKYC (electronic Know Your Customer) for remittance. This allows BigPay’s customers to submit all documents electronically within the app using document identity verification and facial biometric technology to remove the need for physical, in-person verification.
About BigPay
At BigPay, we are re-imagining financial services across Southeast Asia by using technology to deliver a fair and transparent alternative to traditional banks.
We want to help a new generation of people take back control of their money and rediscover value in financial services. Our goal is to empower our customers with the skills and knowledge to make the right financial decisions. Launched in January 2018, we are scaling up rapidly in one of the fastest growing markets in the world.
We are a homegrown Southeast Asian fintech, operating the first challenger bank model in Southeast Asia, with offices in Singapore, Kuala Lumpur, Thailand and soon other ASEAN cities. Our mission is to harness the power of technology and data to make financial inclusion a reality for the region.
For more information, visit our website at https://www.bigpayme.com/
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