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MatchMove Pay gets remittance license from Singapore government

MAS

Fintech startup MatchMove Pay takes the first step to becoming regulated with a license from the Monetary Authority of Singapore

Credit: Monetary Authority of Singapore

Singapore-based financial technology startup MatchMove Pay today announced it has been granted a license to carry out remittance services in the country.

The license was granted by the Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator.

“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 [residents] in Singapore,” Shailesh Naik, CEO and Founder, MatchMove Pay, said at a conference.

He added, “Being regulated by MAS also means that we will adhere to one of the strictest ‘know your customer/ anti-money laundering’ (KYC/AML) processes stipulated by one of the most respected financial jurisdictions in the world.”

According to a report published by consulting firm Frost & Sullivan, the biggest remittance markets in Southeast Asia are the Philippines and Vietnam, which account for more than 50 per cent of all remittances in the region.

It also noted that a large percentage of funds into Southeast Asia can be traced to North America and the Middle East, while the two largest recipients of funds coming from Southeast Asia are China and India.

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Additionally, Indonesia receives the highest remittance from the region itself. This can be explained by the large number of Indonesian migrant workers in Malaysia and Singapore, the report said.

MatchMove Pay’s Naik further estimated the remittance market in Southeast Asia to be worth more than US$50 billion, and that outbound remittance from Singapore will surpass US$1 billion.

He added that the MatchMove Pay platform runs without interference from banks and telecommunication companies.

Going forward, the company will be introducing “innovative but compliant and regulated services” for those who reside in Singapore. This will be done through the MatchMove Pay wallet service.

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The recipient can collect the funds in cash from one of 250,000 physical locations in the Philippines, India, Vietnam, Indonesia, Thailand and Malaysia. Users can also transfer the remittances into a MatchMove wallet or bank account instead.

Given that the remittance market in Southeast Asia is quite massive as Naik described, there are a number of competitors vying for market share, including SingTel’s mRemit and Toast.

At the moment, the MatchMove Pay wallet is available on iOS and Android devices.

e27 has reached out to MatchMove Pay for more details.

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