31 October 2014

MasterCard signs first Asian bank to MoneySend remittance programme

12 November 2008  |  8999 views  |  0 wallet

DBS Bank in Singapore has become the first Asian bank to sign up for the Mastercard MoneySend remittance programme.

DBS cardholders or online banking customers who subscribe to the service will be able to transfer money across the MasterCard global network to more than 50 banks in India, Indonesia, Malaysia, Philippines, and Thailand.

Customers can remit up to S$1000 per day, to a maximum of S$3000 per month. Users will be issued e-receipts and can view their online transaction history any time.

Mr Vincent Tan, managing director of DBS cards & unsecured loans (Singapore) says: "We're launching the service in these key markets which have the most relevance to our customers...Discussions are already underway with MasterCard to expand the network of markets as well as participating banks."

Based on statistics from Asian Development Bank and DBS Internet Banking, over S$1 billion is transferred annually from Singapore to Asian countries such as India, Indonesia, Malaysia and Philippines.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

20 October, 2008
12 February, 2008
07 February, 2008
30 January, 2008
04 December, 2007
30 November, 2007
18 July, 2007
12 February, 2007
09 October, 2006
23 August, 2006
20 June, 2003

Related company news

 

Featured job

Find your next job