BigPay, an ASEAN-focused fintech, has launched international remittance services enabling users to send money directly from Malaysia to bank accounts in Singapore, Thailand, Indonesia and the Philippines, with no hidden fees or extra charges.
BigPay is pioneering digital remittance through its mobile application, offering a seamless experience with instant money transfers. Users can deposit funds into BigPay through their bank cards or via bank transfer.
In line with BigPay’s mission to deliver fair and transparent financial services, international remittances will be offered to customers at a fixed fee per corridor with competitive exchange rates. This is the first wave of BigPay’s international remittance rollout, with additional corridors to be announced in the near future.
“We’re focused on democratising financial services in ASEAN, so it’s an exciting moment for us to be able to offer Malaysians a cheaper and better alternative to remit money,” said Chris Davison, CEO and co-Founder, BigPay.
“Technology can dramatically reduce the cost of remittance and we want to make it easy for people to move money abroad - whether it is sending money to family, friends or other overseas payments - without having to pay exorbitant exchange rates and transfer fees. Approximately US$25 billion is lost globally per year through remittance fees and with BigPay we can change that. Financial inclusion is a cornerstone of BigPay and offering low-cost, accessible money transfers is part of that strategy.”
BigPay is also one of the first fintechs in Malaysia to receive approval from Bank Negara Malaysia to use eKYC (electronic Know Your Customer) for remittance. This allows BigPay’s customers to submit all documents electronically within the app using document identity verification and facial biometric technology to remove the need for physical, in-person verification.