Pawnbroker Maxi-Cash has released its first e-wallet MaxiPAY thanks to a partnership with banking platform MatchMove.
The new offering is specifically tailored for the local customer base of migrant workers in Singapore, providing them with digital remittances and prepaid Mastercard virtual and physical cards, powered by MatchMove tech.
A joint statement by both companies touched upon the situation with migrant workers in the Southeast Asian state, stating that 50,000 individuals did not have access to a basic bank account in 2020, highlighting the geographical importance of a solution that will help them become financially inclusive.
Amar Abrol, Chief Commercial Officer of MatchMove, said: “MatchMove is deeply committed to advancing financial inclusion across the region, for individuals and businesses, and we are excited to partner with Maxi-Cash in taking this vision forward.
“With our Lightspeed technology solution, Maxi-Cash has launched its own branded app to provide best-in-class digital financial services to the underserved segments of society like migrant workers.
“We are confident that this solution will solve the challenges faced by these consumers with cheap and convenient money transfers as well as accessing other digital payment services.”
The provision of digital finance services, also known as neobanking, is pivotal for introducing convenience and meeting short-term financial needs, Maxi-Cash CEO Ng Kean Seen explained, painting the company as a bearer of these values for people in Singapore.
He concluded: “With the addition of MaxiPAY to our business, we are able to offer more convenience to the consumers, by accessing a digital banking-like experience at their fingertips.
“The MatchMove team has shown great support in launching MaxiPAY and has also helped educate our customers on how best to leverage the app.”
