Digital money transfer service firm WorldRemit has expanded its presence in Asia by launching its digital money transfer services from Malaysia.
The newly launched service enables migrants in Malaysia to transfer money to more than 140 countries worldwide. The users can transfer funds as easily as sending an instant message via its mobile app or website.
WorldRemit is the first international money transfer company that has been approved by Bank Negara under Malaysia’s new regulatory Sandbox programme.
The firm has named Ridzuan Aziz as country director for Malaysia.
WorldRemit APAC director Michael Liu said: “Any international financial technology business wanting to achieve a real business presence in Asia Pacific needs to be in Malaysia. Malaysia has a strong economy and a flourishing fintech community. The growing recognition of the importance of innovation, through developments like the country’s new regulatory Sandbox and the Digital Free Trade Zone, signifies greater government policy support for businesses like ours.”
Commenting on the launch, Aziz added: “We’re very proud to be included in the first selective group of companies accepted into the Regulatory Sandbox programme. We look forward to offering our services to Malaysians, further supporting the move from archaic offline remittances to safer, faster and lower cost online transfer methods.”