TrueMoney partners with WorldRemit to launch instant money transfers to the Philippines
17/7/2018 | 3 minute read
Filipinos abroad can now send money instantly via WorldRemit for cash collection at thousands of TrueMoney centers across the Philippines
Manila and London, 17 July 2018: TrueMoney, one of the leading e-payment service providers and Fintech companies in the Philippines, has joined forces with leading digital money transfer service, WorldRemit. The tie-up marks the first partnership of TrueMoney Philippines with a global remittance provider and launches the company’s international remittance service in the Philippines.
TrueMoney – whose shareholders include the C.P. Group from Thailand and Jack Ma’s Ant Financial from China – is the largest and fastest growing financial life platform for the unbanked and underserved sectors in the Southeast Asia region. Having expanded internationally only a few years ago, the company already has more than 50,000 financial services centers across six markets in the region.
The partnership also builds on WorldRemit’s rapid expansion in the Philippines since launching its money transfer service to the country in 2011. WorldRemit customers currently make over two million money transfers to the Philippines each year and is now our largest receive market globally.
Bryce Currie, Country Director New Zealand & global Business Development Director, at WorldRemit, comments: "We are delighted to be adding an innovator like TrueMoney to our partner network. It will give our customers an even wider choice. In particular, it will enable those who live outside major cities and towns to receive international money transfers safely and securely.”
Xavier Marzan, Founder & President of TrueMoney Philippines says, “We are very excited to be partnering with WorldRemit. Through this partnership, overseas Filipino workers can now make secure and fast money transfers to the Philippines in just a few clicks directly from their mobile devices. Funds will be available for collection at our network of more than 14,000 receiving TrueMoney Centers nationwide.”
Mr. Marzan adds: “Both TrueMoney and WorldRemit also share a passion for true financial inclusion. This tie-up will enable Filipinos living in urban areas like Manila and Cebu, as well as harder-to-reach areas such as Albay and Misamis Oriental to easily receive remittances from more than 50 countries.”
Jacqueline Van Den Ende, CEO at TrueMoney, also adds, “The launch of the international remittance service is a strategic priority for TrueMoney in the Philippines, as according to the latest report from the World Bank, the Philippines ranks third in the world for receiving remittances, totalling an estimated $33 billion in 2017, after India and China. We have been offering domestic remittance in our network since a year ago in the Philippines; we now open up our extensive network of branches for international remittance.”
About WorldRemit
We are a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global remittance brands.
We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower cost. We currently operate in more than 5,000 money transfer corridors worldwide and as part of Zepz, are part of a 1,400 person global workforce.
Sending money with WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, we offer a wide range of options, including bank transfer, cash pickup, airtime top up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom, with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.
About Zepz
Zepz Group is the group powering leading global remittance brands: WorldRemit and Sendwave. Since 2021, Zepz Group has been disrupting an industry previously dominated by offline legacy players by reducing the barriers to finance and increasing safety and convenience for users. Every day, Zepz Group and its brands work towards unlocking the prosperity of cross-border communities through finance and technology - driven by the vision of a world that celebrates migrants’ impact on prosperity, at home and abroad.
Zepz Group brands have helped cross-border communities send over $15bn from 50 countries, to recipients in 130 countries in 2022, and operate over 5,000 money transfer corridors worldwide. Zepz Group employs over 1,400 people globally as a remote-first employer, with team members located across six continents.