TransferWise to launch remittance services in Malaysia

It will also enable customers to access eKYC checks.

UK-based fintech firm TransferWise obtained its remittance license in Malaysia which will allow the firm to launch remittances from its fourth Asian location. Previously, TransferWise was only able to enable customers to send money to but not from Malaysia.

Apart from this, the license will also allow TransferWise customers in Malaysia to access eKYC (electronic Know Your Customer) checks, instead of having to fulfil KYC requirements face-to-face.

“That means customers can open an account by simply submitting documents online, via the TransferWise app or website, without having to travel to a physical branch. This is similar to the experience new Singapore customers currently get,” the firm said in an announcement.

TransferWise currently sends money from 43 countries, of which four are in Asia - namely Singapore, Japan and Hong Kong and Malaysia. Meanwhile, it allows money to be sent to 71 countries.

“With an online banking penetration rate of over 85% as well as high smartphone adoption, Malaysia is well poised to become an important hub for fintechs in the region,” Malaysian minister of communications and multimedia Gobindh Singh Deo said.

Launched in 2011 and headquartered in London, TransferWise handles $5.12b of cross-border transfers every month for its 5 million customers.