Moolahgo Partners with Tencent Financial Technology on Cross-Border Payments
Partnership with Tencent Financial Technology marks Moolahgo’s expansion into the massive remittance market of Chinese Mainland.
[12th January 2023, SINGAPORE] – Moolahgo today announced a partnership with Tencent Financial Technology to include Chinese Yuan remittance via Weixin as part of its fast-growing instant cross-border payments roadmap.
This partnership allows Moolahgo to tap into the massive remittance market of Chinese Mainland which as at 2020 stood at around US$19 Billion and represents the world’s 3rd largest remittance recipient country, according to the World Bank1. In addition, there are over 1 billion Weixin users in Chinese Mainland.
With this latest launch, Moolahgo’s e-wallet users will be able to top-up their Chinese Weixin wallets or send money to bank accounts in Chinese Mainland via Weixin. Similar to its other wallet services, the user experience for this new payment feature (which Moolahgo refers to as “Pay Now to Weixin”) is equally seamless – only the recipient’s name and mobile number are needed, making cross-border payments to Chinese Mainland quick and fuss-free without requiring cumbersome traditional bank details.
It is noteworthy that Tencent Financial Technology has chosen to partner with Singapore Fintech Startup, Moolahgo, amongst the numerous remittance providers in the region. “Moolahgo’s focus on bringing innovative, fast and simple cross-border payments to everyone including migrant workers fits perfectly into our strategy to make Weixin the default platform for individual remittances into Chinese Mainland”, said Yang Wenhui, General Manager, Tencent Financial Technology Asia Pacific.
This partnership creates a new channel for the more than 200,000 Chinese citizens working in Singapore to send money home, who in the past, may have had to resort to unsafe money transfer services resulting in issues such as frozen funds and bank accounts. Mr John Hakim, CEO & Founder of Moolahgo, said “We’re honored to be able to partner with Tencent Financial Technology, one of China’s leading digital payments companies to bring about this service. Besides its seamless and real-time capabilities, this service is more importantly safe and legally approved by the China’s State Administration of Foreign Exchange”.
This announcement was also featured in the Straits Times (E-wallet provider Moolahgo users in S’pore can now transfer cash to China | The Straits Times).
- Remittances to Reach $630 billion in 2022 with Record Flows into Ukraine, The World Bank, 11 May 2022 (https://www.worldbank.org/en/news/press-release/2022/05/11/remittances-to-reach-630-billion-in-2022-with-record-flows-into-ukraine)
About Tencent Financial Technology
As Tencent’s fintech arm, Tencent Financial Technology follows the principle of operation in compliance with law, offering high-quality products and services, continuous risk control, openness and doing business for good. It is committed to connecting users with financial services and building an open ecosystem with various partners.
About Moolahgo Pte Ltd
Moolahgo is a leading multi-currency digital payments specialist headquartered in Singapore. Founded in 2017, Moolahgo has grown from servicing businesses across diverse segments with competitive FX and cross-border payment services to providing innovative digital payment tools in an eWallet mobile app for consumers. As a Fintech, it aims to transform the payments landscape across Asia, bringing the benefits of real-time money flows to the under/un-banked and enriching lives across the region. Moolahgo is a Major Payment Institution licensed by the Monetary Authority of Singapore across multiple areas of payment services.
For more information, visit www.molahgo.com
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