Filipino Digital Bank Maya Taps TerraPay for Seamless Remittanceby Fintech News Singapore November 16, 2023
Payments infrastructure company TerraPay and Philippines’ digital bank Maya announced a strategic partnership at the Singapore Fintech Festival aimed at improving international remittances for Filipinos worldwide.
As part of this partnership, users of the Maya app will be able to receive money transfers from Korea, the U.S., Singapore, and the Middle East through TerraPay’s extensive global network.
The aim is to enhance the customer experience by offering secure and convenient cross-border transactions, with faster transfer times, competitive exchange rates, and affordable payment options.
The Philippines, a top destination for remittances, received a significant inflow of US$38 billion in 2022. The digital remittances market is projected to reach US$ 1.12 billion in 2023.
Ani Sane, Co-founder and Chief Business Officer, TerraPay said,
“By teaming up with Maya, we can serve customers in the Philippines with innovative solutions, empowering them with fast and affordable cross-border payment options. We remain committed to making digital transactions more secure and faster for remitters and customers in the Philippines.”
Khurram Malik, Chief Operating Officer of Maya, said,
“We are pleased to work with TerraPay to make international remittances more accessible and convenient for our customers. Cross-border payments are integral to the increasingly global Filipinos with family or virtual work opportunities overseas. By leveraging the seamlessness of the Maya app, we are making it easier for them to receive money, save, and spend smartly.”