MANILA - Maxis Communications Berhad and Globe Telecom launched what company executives say is the world's first international mobile to mobile money transfer service between Malaysia and the Philippines.
Having acquired approval from Bank Negara, Maxis is now authorized to offer mobile international remittance service in Malaysia through M-money.
The mobile international remittance service is a simple SMS-menu based service that enables Maxis customers to instantly transfer money up to the value of RM500/P6,500 (per transaction) to friends and family in the Philippines using their mobile phones.
Customers can request to remit M-money in Ringgit value to Globe's GCash customers in the Philippines, which will be converted into Pesos on the fly and immediately deposited into the recipients' GCash wallet. GCash customers can cash out the money at any of the 6,000 Globe partner outlets in the Philippines.
They also have the easy option of transferring the money via SMS to other friends and family in the Philippines or to pay bills directly such as electricity, school fees and etc.
Maxis M-money service offers a convenient and affordable alternative to international remittance services provided by banks and licensed remittance providers that charge a service fee that varies between RM10-20 per transaction to the Philippines.
The service removes the need for senders to arrange for money in small amounts to be sent home via banks and financial institutions, which requires several days to clear between banks before the beneficiary can receive the funds.
M-money is meant to complement local remittances channels and to make transferring money internationally significantly more convenient and affordable for consumers.
“We believe M-money will revolutionise money transfer as it takes full advantage of the pervasiveness of mobile phones in this country, providing immense benefits to foreign workers across Malaysia and their families overseas through its reach, ease of use and lower transaction costs,” Maxis Chief Executive Officer Sandip Das said in a statement.
He said international money remittance is a substantial business, with the two largest outbound remittance corridors from Malaysia being Indonesia and Philippines, estimated at USD$4.3 billion annual transaction volume according to industry statistics.
It is estimated there are several hundred thousand Filipinos residing in Malaysia and the total transaction value of money transfers from Philippines to Malaysia sits approximately at US$1.2 billion per annum.
Globe's Head of Consumer Business Ferdz De la Cruz said: “The realization of our vision for the mobile international remittance system signifies a breakthrough in cross-border financial services.”
“We are proud to unveil another global first, a milestone in our continuing quest to pioneer relevant, consumer-responsive mobile technologies" Utiba Pte Ltd is the technology provider appointed by Maxis and Globe for the M-money and GCash services respectively.
Utiba’s Justin Ho said: “It is really exciting to be able to provide our international remittance service to two of our premier mCommerce customers. This service is the first step towards addressing the global challenge of providing affordable and instant micro-remittance to the un-banked population that needs it most. This service has the potential to change lives.”
To get started on Mobile International Remittance, Maxis customers can instantly cash in to their M-money account via selected Maxis centers or DropZone outlets and Maxis Partner Banks in Malaysia. Customers can also register for M-money service for free by sending Mmoney to 27007.
Charges for the Mobile International Remittance services are RM5 per remittance to Globe GCash customers in the Philippines and RM0.15 SMS fee per transaction. No additional fees will be levied on the remittance to the beneficiary in Philippines, Maxis said.
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