Asian Fintech firm BigPay announced on June 19, 2020, that it has added Australia and Vietnam to its global remittance service, and will be adding China soon. The company added Bangladesh and India in January of this year.
BigPay’s management noted that they’re committed to providing a cheap, transparent, and accessible way of sending funds abroad. The BigPay team said that Australia, Vietnam, and China conduct many cross-border transactions with consumers and businesses in Malaysia.
There are around 26,000 Malaysian students studying in Australia, and about 174,000 Malaysian-born expatriates living and working in the country. Cross-border payments made from Malaysia to China and Vietnam are in the billions of dollars per year, according to data from the World Bank.
BigPay introduced its global remittance services in September of last year, allowing consumers to send funds from Malaysia to bank accounts in Indonesia, Singapore, Thailand, and the Philippines, without paying any hidden charges.
Based in Kuala Lumpur, Malaysia, BigPay is reportedly one of ASEAN region’s fastest-growing Fintech firms.
The company states:
“We’re on a mission to challenge traditional banking by democratizing and decentralizing financial services across Southeast Asia. We believe everyone should have fair and transparent access to products and services that matter to them. We use data and technology to give back to consumers control of their money and improve their financial health – all at a lower cost.”
Tan Sri Muhyiddin Yassin, the prime minister of Malaysia, has helped with introducing several different economic stimulus plans.
The nation’s government aims to help local residents and businesses that may be struggling to cope with the COVID-19 outbreak and resulting socio-economic problems.
Malaysia’s recovery plan, called “PEJANA,” includes 40 different initiatives valued at RM 35 billion (appr. $8.25 billion). As part of the plan, the country’s government says it will be allocating RM 750 million ($176 million+) of the total towards promoting the adoption of digital wallets by local consumers.
