WorldRemit gains ground in Malaysia for cross-border cash transfers

KUALA LUMPUR, 31 Aug 2021:

Being able to transfer cash across borders within minutes to e-wallets or airtime top-ups and also conduct transfers to overseas bank accounts without stepping into a banking branch is a seamless app service offered by WorldRemit, which was launched in Malaysia earlier this month.

Within a fortnight of its launch on Aug 12, WorldRemit lays claim to its app being mobile app had become the most downloaded international payments app in Malaysia – surpassing competitors Wise, Western Union, eRemit, Moneymatch and Instarem for the number of daily installs.

Malaysia country director Ridzuan Aziz said in a statement: “It’s great to see so many residents in Malaysia responding positively to our product so soon after the launch. We’re confident that this pace will continue as more people learn about the convenience and safety of our fast, flexible and fair service.”

Granted a Class-B remittance license in February this year by Bank Negara Malaysia, WorldRemit lets users send money from Malaysia, in addition to 50 other countries including the UK and the US, to more than 130 destinations.

Ridzuan noted one big market is made up of migrant workers, who account for 15% of the Malaysian workforce – taking advantage of its multiple payout methods – including bank deposits, payments to mobile wallets, cash pick-up and mobile airtime top-up.