Thailand-based TrueMoney has joined forces with Singapore-based cross-border payments company Thunes to expand its ability to receive remittances from all over the world.
Through the global partner network of Thunes, TrueMoney enables its users to receive cross-border payments from anywhere in the world.
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Thunes, which operates in over 100 countries and 60 currencies, will first allow its sending partners to remit money into Myanmar.
Gradually, Thunes will provide its partners access to TrueMoney’s cash pickup agent network across Southeast Asia.
After remitting the money to any TrueMoney cash pickup location in Myanmar, the funds will be instantly converted into Myanmar Kyats currency.
Thunes has more than 400 partners globally, including Western Union, Ria Money Transfer, Remitly, and others.
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By GlobalDataThunes CEO Peter Caluwe said: “Our advanced technological capabilities streamline the process of cross-border money transfer, thus resulting in greater speed and operational efficiencies for our partners.”
Initially, TrueMoney only offered the remittance services in select markets via its mobile wallet or cash pickup agents.
TrueMoney operator Ascend Money MD of international business Dale Kim said: “Our partnership with Thunes allows us to expand our global reach and connect our users to customers of Thunes’ partners globally.”
In June, the Commercial Bank of Dubai also selected Thunes to enable international remittance.
