SINGAPORE — United Kingdom-based TerraPay has partnered with Maya to expand its network and boost cross-border transactions, it announced on Wednesday.
The partnership was announced during the Singapore Fintech Festival being held here.
“This collaboration aims to make international remittances more accessible, convenient, and secure for Filipinos across the world,” TerraPay said in a statement.
“With this partnership, users of the Maya app can now experience seamless money transfers from Korea, the USA, Singapore, and the Middle East through TerraPay’s extensive global network,” it said.
The partnership aims to improve customers’ experience through “faster transfer times, competitive exchange rates, and affordable borderless payment options.”
TerraPay co-founder and Chief Business Officer Ani Sane said the partnership will help drive financial inclusion.
“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,” Mr. Sane added.
Maya Chief Operating Officer Khurram Malik said it will also make international remittances more accessible and convenient.
“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,” he added.
TerraPay is a global cross-border payments network regulated in 29 global markets, enabling payments in over 120 recipient countries and over 210 send countries.
It is headquartered in London with offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, and Singapore.
Maya is enabled by the digital payments company Maya Philippines, Inc, and digital lender Maya Bank, Inc.
Maya Bank is owned by Voyager Innovations, Inc. PLDT Inc. is Voyager’s main shareholder. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — L.M.J.C. Jocson