View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 10, 2017updated 18 May 2017 9:05am

Singapore telco M1 rolls out new remittance service

By Douglas Blakey

Singapore-based telecom operator M1 has launched a new mobile money transfer service – M1 Remit.

The new service will enable M1 mobile customers to access real time exchange rates and remit funds to their designated recipients through a mobile app or a browser on their smart device.

Unlike typical remittance services where customers have to queue at a physical outlet, transaction can be made at any of the 915 AXS machines in the country using an ATM card.

The mobile operator said that customers without bank accounts/ATM cards can also make cash payment at M1’s IMM and Paragon outlets, which can be collected by recipients from over 23,000 cash agents and 640 banks in the destination countries.

The remittance service is currently available in eight countries – Bangladesh, India, Indonesia, Myanmar, Malaysia, Sri Lanka, Pakistan and the Philippines. Soon the service will be introduced in Thailand and Vietnam.

M1 chief innovation officer Alex Tan said: “M1 Remit offers a wholly digital experience for money remittance. Nobody likes to queue, and now our customers can skip the queue and make better use of their time with and M1 Remit – Singapore’s most convenient, secure and cost-effective way to remit funds to their loved ones.”

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International