TrueMoney Malaysia launches International Remittance services for businesses and their e-wallet users to send money overseas
KUALA LUMPUR, 8 April 2025 – TrueMoney Malaysia, part of the region-leading Ascend Money financial platform, today announced the launch of its International Remittance (IR) services in Malaysia. The new B2B and C2C service offering supports business payments (B2B), with a special focus on supporting Corporate Partners’ import transactions. Consumers in Malaysia can also use the service to make retail (C2C) transfers.
With TrueMoney Remittance, Malaysians can now facilitate B2B transactions to all countries, offering particularly competitive rates in United States Dollars (USD), Singapore Dollars (SGD), and Thai Baht (THB). For any C2C International Remittance transactions, TrueMoney e-wallet users can now also send money with ease to seven countries: Myanmar, Cambodia, Indonesia, the Philippines, India, Nepal, and Bangladesh. These transactions are primarily focused on migrant workers’ remittances, enabling them to conveniently send money back home using the TrueMoney e-wallet.
Shaik Ikhwan, TrueMoney Malaysia’s Head of Commercial shared, “At TrueMoney Malaysia, we are committed to advancing financial inclusion for all, particularly for underserved communities such as migrant workers. With our latest offering, the International Remittance services, we aim to provide a seamless, reliable, and affordable way for consumers and businesses to send money across borders. By leveraging our comprehensive and leading digital verification capabilities, we ensure secure transactions and broad cash connectivity, reaching even the most rural areas of the receiving countries. We are excited to offer this service and look forward to positively impacting our users’ lives.”
The launch of TrueMoney Remittance is a key component of the company’s comprehensive financial inclusion framework. TrueMoney Remittance offers extensive cash connectivity, giving migrant workers more options to remit money to even the most rural areas of their home countries. To use the TrueMoney Remittance services, users must complete the necessary eKYC (electronic Know Your Customer) verification process. Notably, TrueMoney Malaysia is one of the 11 digital remittance applications, out of 26, that offers full eKYC capability.
To celebrate the launch, TrueMoney Remittance users can enjoy a transaction fee waiver for remittances of RM 150 or more. This offer is available for up to three redemptions per user from March to June 2025.
Malaysia’s International Remittance market poised for 2028
Malaysia’s international remittance market is experiencing significant growth in both inbound and outbound money transfers. The outbound remittance sector saw a 2.4% increase in 2023, reaching $9.35 billion in 2024. Over the next five years, it is expected to grow at a CAGR of 1.5%, projected to reach $9.93 billion by 2028.
With just two years of launch in the Malaysian market, TrueMoney aims to provide comprehensive financial solutions that cater to the evolving needs of its users. As of 2025, the company has already established a strong presence in the country, offering a seamless digital payment ecosystem that includes e-wallet services, remittances, and bill payments
“At TrueMoney, we are dedicated to addressing the growing demands of Malaysia’s remittance market with innovative and inclusive financial solutions. Our primary focus is delivering exceptional value to our users, ensuring they have reliable and efficient ways to support their families and communities back home. As the market expands, we are committed to enhancing our services and leveraging technology to provide secure, convenient, and affordable remittance options. We warmly invite any businesses with international payment needs to reach out and learn more about our services. Together, we can make a positive difference in the lives of those we serve,” continued Shaik.
