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Singapore FinTech, Pay2Home, first to launch bespoke Money Transfer Machines Island-wide
SINGAPORE, 13 April 2017 Home-grown FinTech company, Pay2Home, has received approval from the Monetary Authority of Singapore (MAS) to roll out hundreds of bespoke multilingual Money Transfer Machines (MTMs) to serve the large migrant and expatriate communities across Singapore - a first for the local remittance industry.
As one of Singapore's largest remittance and money transfer operators, Pay2Home uses its own market leading technology to disrupt an industry rife with inefficiencies. It was the first to be granted permission by the MAS to operate online, and now is the first to launch its proprietary MTM services in Singapore.
"This is something that has been years in the making, after extensive consultation with regulators and customers," said Pay2Home Director and Co-founder, Wayne Salamonsen.
Pay2Home has been a key player in the cross border payments industry for 16 years. Its mission aligns with Singapore's vision for innovative FinTech solutions to provide greater access and efficiencies.
"Our cutting edge technology solutions support the National Risk Assessment recommendations to reduce cash dependency, where physical cash has been identified as a money laundering and terrorist financing risk factor in the cash-intensive remittance industry. In fact, our MTMs have already enabled us to step up and reduce cash in our business by 25%."
"We are excited to be a first-mover in the mass distribution of MTMs, in a nation grounded in tough regulations, rigorous supervision and effective enforcement," said Mr Salamonsen.
The first Pay2Home MTM was launched two years ago, initially tested within Pay2Home retail stores. Now with additional tried and proven features and a seamless user interface, "smarter, faster and safer MTM money transfers will soon be easily accessible, no matter where you're located in Singapore, 24 hours a day, seven days a week," said Mr Salamonsen.
"We keep pushing the boundaries of customer service excellence for those not well served by the formal financial network - delivering new payment channels that our customers want, using our cutting edge technology."
About Pay2Home Money Transfer Machine (MTM)
Pay2Home MTM is an interactive self-service kiosk, allowing clients to access multiple remittance services at their convenience. They can transfer money, obtain foreign exchange rates, pay for transactions using their bank accounts and check their transaction history, 24 hours a day, seven days a week.
The bespoke multilingual MTM dramatically reduces counter queuing times, while focusing directly on a wide range of cultures with eight language options including Bahasa Indonesia, Tagalog, Vietnamese, Mandarin Chinese, Hindi, Bangla, Burmese and English.
Pay2Home bridges the gap between the FinTech world and the established payment infrastructure, producing innovative payment solutions within the supporting regulatory framework.
A licensed financial institution, formerly invested in by the Economic Development Board of Singapore and a SE Asian bank, Pay2Home has received multiple entrepreneurship and break through business awards, and has been a top 1,000 SME for the last two years.
Before FinTech was labelled as such, Pay2Home received an Infocomm Development Authority of Singapore grant to develop web services and created payment APIs for use across SE Asia. Before the advent of cloud services, Pay2Home had been operating its service channels for all countries from central hosted systems in Singapore.
Pay2Home moved from a wholesale cross border payments solution provider to banks into the retail market in 2008. A home grown licensee now with the largest number of 'bricks & mortar' outlets in Singapore, Pay2Home was the first remittance company to receive regulatory approval to operate online. It is now the first to pioneer purpose built multilingual self-service Money Transfer Machines.
Pay2Home was one of the founding executive members of the Remittance Association (Singapore), established to promote industry best practices to support the MAS with Anti-Money Laundering and Counter Financing of Terrorism policies and processes.
With 90 employees in the group, Pay2home has processed more than three million transactions, defining it as a FinTech with a successful and proven track record.
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