- Moolahgo, a provider of fast money transfers in Singapore, has confirmed that it will be launching a service designed to permit users to transfer cash easily across borders.
- It is thought that this will be done through a linked mobile telephone number or an email address.
- “As the digital consumers of today have become accustomed to seamless and fast services from ride-hailing to on-demand food delivery, similarly we see an increasing demand for cross-border financial transactions without the traditional complexities,” said a senior figure at the firm.
Moolahgo, a provider of fast money transfer services in Singapore, has confirmed that it will be launching a service designed to permit users to transfer cash easily across borders.
The firm said that it will be helping people to make the transfers from Singapore to Indonesia, which is a well-known corridor.
It is thought that this will be done through a linked mobile telephone number. Failing that, the firm said, it will work via an email address.
The newly boosted instant payments service is designed to fit into the existing framework of payments in the country.
It is similar, for example, to the PayNow service that is currently on offer and administrated via a mobile phone number or similar.
“As the digital consumers of today have become accustomed to seamless and fast services from ride-hailing to on-demand food delivery, similarly we see an increasing demand for cross-border financial transactions without the traditional complexities,” explained John Hakim, the CEO and founder of the company.
“It is also part of Moolahgo’s mission to seamlessly orchestrate a wide range of payment types and channels in this region to bring benefits to its end-users and partners connected via Moolahgo’s Payment-as-a-Service platform,” the firm said in a wider statement.
“Based on the company’s study, simplifying cross-border transactions through the use of proxy identifiers such as phone numbers has the potential to reduce friction by up to 80%. This speed helps to bring to reality rapid transactions in the world of 5G.”
According to a report from the OECD, under half of the population in Indonesia has access to a bank account.
This was highlighted by Moolahgo as part of the wider context of issues facing people in the country when it comes to their international finances.
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