BigPay, AirAsia’s FinTech venture, has launched an international remittance service that will allow instant international transfers from Malaysia for fixed rates as low as RM7 (S$2.31).
So far, four countries are included: Singapore, Indonesia, the Philippines and Thailand. The highest rate of RM13 is charged on remittances to Thailand, while the lowest fee of RM7 is charged on transfers to Singapore. Transfers to Indonesia and the Philippines both cost RM8.
The payments app, whose chairman is AirAsia boss Tony Fernandes, promised that there will be no hidden fees or extra charges other than the stipulated rates.
BigPay was co-founded by AirAsia’s Tony Fernandes. BigPay website screengrabs
Users will have to first deposit funds into their BigPay accounts through a bank card or via bank transfer.
BigPay users can use the eKYC (electronic Know Your Customer) system – which uses document identity verification and facial biometric technology to allow electronic document submission – on the BigPay app.
“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,” the firm said.
It added that Monday’s launch was the first in a series of BigPay international remittance roll-outs, with additional corridors planned in the near future.
“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,” Chris Davison, CEO and co-founder of BigPay said.
According to Davison, approximately US$25 billion (RM104 billion) is lost globally per year through remittance fees. “Financial inclusion is a cornerstone of BigPay and offering low-cost, accessible money transfers is part of that strategy,” he said.
Article by: Jessica Lin, Business Insider