WorldRemit, the digital money transfer company, has launched in Singapore. The new service will enable migrants in Singapore to transfer money to over 140 countries as easily as sending an instant message, using the WorldRemit app or website.
The move sees WorldRemit expanding its presence in Asia significantly to include Singapore, Hong Kong, Japan and Malaysia. The company has seen remarkable growth across APAC, which now accounts for almost 25% of all transactions sent by WorldRemit globally. This is a reflection of the increasing demand for mobile-first and online money transfer services in the region.
According to the UN’s International Fund for Agricultural Development (IFAD), the most dynamic growth in remittances over the past decade has been in Asia, which now receives 55% of the total. The World Bank ranks Singapore as the 2nd easiest place in the world to do business, and the 6th easiest place globally to start a company.
WorldRemit’s digital model significantly improves security and compliance standards. It also eliminates the need for the sender to visit a bricks and mortar agent, which can be inconvenient and time consuming. WorldRemit is the first global remittance company approved to electronically verify customer identity, making it even easier to use.
Remittances sent from Singapore play an important role in other regional economies – over $6.2 billion left the country in 2015, according to the World Bank. Key recipients include the Philippines, China, Malaysia, Indonesia and India.
Ismail Ahmed, founder and CEO at WorldRemit said: “We are delighted to be launching our service in a cosmopolitan country like Singapore, which has taken such a progressive approach to innovation in financial services. We look forward to joining the ever-growing fintech community in Singapore, and helping more people to access our safe, fast, and low cost money transfer service.”
Last month WorldRemit announced a global integration with Google’s Android Pay, followed by a partnership with Huawei’s mobile money platform across Africa. The company currently handles 74% of all international remittances sent from money transfer operators to mobile money accounts, and is connected to over a fifth of all mobile money accounts globally.