- Thunes, which is based in Singapore, has confirmed that it will be partnering up with a company called MOVii as part of a new push towards better cross-border payments.
- This will permit local businesses in the country to accept international payments through the system.
- “Thunes’ global network covers 127 countries, so this means that Colombian residents will now be able to receive money transfers from their family and friends residing globally,” said a spokesperson for Thunes.
Thumes, a provider of cross-border payments services in Singapore, has announced a collaboration with a digital challenger bank.
The company said that it had set up the arrangement with MOVii, which is a platform offering challenger bank and mobile payments services in the South American country of Colombia.
The arrangement will see initial international money transfers made using mobile wallets powered by MOVii.
This will in turn allow for local businesses in the country to accept international payments through the system.
People in the Colombian diaspora will benefit from speedier and transparent money transfers, according to Thunes.
In a statement, Hernando Rubio, Chief Executive Officer and co-founder of MOVii, said that the pairing would enable international customers to transfer money on a global scale.
“Our partnership with Thunes will enable us to empower our existing mobile wallet users further to send and receive money instantly from all around the world,” he said.
“Thunes’ global network covers 127 countries, so this means that Colombia residents will now be able to receive money transfers from their family and friends residing globally,” he said.
For Thunes, meanwhile, the Vice President of Network Development said that he was “excited” about the prospect of a partnership.
Gabriel Carvajalino said that it would help build the existing network in the region, which is already growing at pace.
“We are excited to partner with MOVii to strengthen our fast-growing network in Latin America,” he said.
He went on to outline the time that it takes for international money transfers to be made into Colombia.
“Previously, a cross-border payment to Colombia using traditional corresponding banking networks could take several days and involve hidden fees and a lack of transparency,” he said.
“Now MOVii’s with more than 3.0 million users can receive money across the world in any currency as quickly and cost-effectively as a local transaction. This convenience brings significant benefits to consumers, entrepreneurs and businesses,” he said.
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