E-PAYMENT service provider and financial-technology company TrueMoney has expanded its business with an instant global money sending offering through its alliance with multinational digital money transfer firm WorldRemit.
“We have been offering domestic remittance in our network since a year ago in the Philippines; we now open up our extensive network of branches for international remittance,” TrueMoney CEO Jacqueline van den Ende said.
According to her, the launch of the international remittance service is part of their strategic priority since the Philippines ranks third in the world for receiving remittances after India and China.
Per the World Bank’s latest report, she cited that the amount of money sent here from anywhere overseas reached $33 billion in 2017.
Powered by mobile technology, Filipinos abroad can now send money instantly via WorldRemit for cash collection of their families back home.
“Today, overseas Filipino workers can now make secure and fast money transfers to the Philippines in just a few clicks directly from their mobile devices,” said Xavier Marzan, founder and president of TrueMoney Philippines.
Their collaboration, he added, will allow customers living in urban areas such as Manila and Cebu, as well as harder-to-reach provinces like Albay and Misamis Oriental to receive remittances from their network of more than 13,500 centers nationwide.
TrueMoney, likewise, enables the customers access to other convenient financial services like bills payment and prepaid load via the nearest sari-sari store, bakery, water station and other neighborhood small businesses.
Backed by CP Group from Thailand and Jack Ma’s Ant Financial from China, it is now the biggest and fastest-growing financial life platform for the unbanked and underserved sectors in Southeast Asia.
Having grown its international footprint a few years ago, the company already has more than 50,000 financial services centers across six markets in the region, including the
Philippines.
The partnership also banks on WorldRemit’s quick domestic expansion since the launch of its money transfer service here in 2011.
Today, its customers make over 2 million money transfers to the Philippines annually and is now the largest receiving market globally.
Established by entrepreneur Ismail Ahmed in 2010, WorldRemit has secured $220 million in funding and currently sends from 50 countries to over 150 destinations.
“We are delighted to be adding an innovator like TrueMoney to our partner network. It will give our customers an even wider choice. In particular, it will enable those who live outside major cities and towns to receive international money transfers safely and securely,” said Bryce Currie, country director for New Zealand and global business development director at WorldRemit.
Marzan added: “We are very excited to be partnering with WorldRemit. Both TrueMoney and WorldRemit indeed share a passion for true financial inclusion.”