MoneyMatch gets nod for digital remittance services

MoneyMatch has received an approval in principle for a Class B remittance licence from Bank Negara Malaysia to carry out digital remittance services for businesses and individuals.

KUALA LUMPUR: MoneyMatch has received an approval in principle for a Class B remittance licence from Bank Negara Malaysia to carry out digital remittance services for businesses and individuals.

The fintech startup said on Monday it was among the first approved to conduct eKYC (electronic know-your-customer onboarding technology) via their mobile app enabling branchless and seamless customer experience.
 
MoneyMatch was part of the first batch of approved participants in Bank Negara’s Regulatory Sandbox back in May 2017. It hopes to successfully graduate from the Sandbox by the middle of this year. 

Since it started in June 2017, it has transacted over RM450mil in transaction value for thousands of individuals and business customers. 

It also targets to expand to Australia as it recently obtained a licence from Australia Securities and Investments Commission to provide remittance services. 

MoneyMatch says it is one of the cheapest forex rates and fees in the market with a significantly faster transmission period compared to banks. 

In October 2018, it was the first ever Bank Negara approved institution to successfully conduct a live cross border transaction on the blockchain by moving funds from Malaysia to Europe within hours. The same transaction would take a couple of days via the traditional institution, it said