KUALA LUMPUR: TrueMoney Malaysia, part of the region-leading Ascend Money financial platform, yesterday launched its International Remittance (IR) services in Malaysia.
The new B2B and C2C service offering supports business payments (B2B), with a special focus on supporting corporate partners’ import transactions. Consumers in Malaysia can also use the service to make retail (C2C) transfers.
With TrueMoney Remittance, Malaysians can now facilitate B2B transactions to all countries, offering particularly competitive rates in US Dollars (USD), Singapore Dollars (SGD), and Thai Baht (THB). For any C2C International Remittance transactions, TrueMoney e-wallet users can now also send money with ease to seven countries: Myanmar, Cambodia, Indonesia, the Philippines, India, Nepal, and Bangladesh.
These transactions are primarily focused on migrant workers’ remittances, enabling them to conveniently send money back home using the TrueMoney e-wallet.
TrueMoney Malaysia commercial head Shaik Ikhwan said they are committed to advancing financial inclusion for all, particularly for underserved communities such as migrant workers.
With their latest offering, he added the International Remittance services aim to provide a seamless, reliable, and affordable way for consumers and businesses to send money across borders.
According to a Research and Markets analysis, Malaysia’s international remittance market is experiencing significant growth in both inbound and outbound money transfers. The outbound remittance sector saw a 2.4% increase in 2023, reaching US$9.35 billion (RM42 billion) in 2024. Over the next five years, it is expected to grow at a CAGR of 1.5%, projected to reach US$9.93 billion by 2028.
