TrueMoney partners with WorldRemit to launch instant money transfers to the Philippines
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.”