Maxi-Cash, Singapore’s first SGX-listed pawnbroker, has chosen MatchMove’s Embedded Banking platform to power the launch of its own branded mobile application, MaxiPAY for consumers.
MaxiPAY is a personal mobile e-wallet that comes with virtual wallet account (enabled with MatchMove’s ‘MoveFast’ solution), prepaid MatchMove-enabled Mastercard-branded virtual and physical card. It also allows consumers’ remittances to improve end-to-end engagement with their community, especially foreign workers.
As per the latest Singstat data, migrant workers in Singapore comprise 23 per cent of the total workforce making them one of the significant contributing segments to economic growth. The pandemic has accelerated digital adoption by several years and yet as of 2020, some 50,000 migrant workers did not even have a basic bank account. Fostering a digitally inclusive society, this partnership aims to educate and provide a better and faster digital banking experience to the under-served segments – like migrant workers – who are struggling to access better financial and banking services.
Using MatchMove’s product solutions, Maxi-Cash users can now top-up and transfer out money in real-time, spend via their prepaid virtual cards, and perform instant domestic FAST transfers as well as cheaper international remittances. This is made possible via secure virtual accounts which can be linked to a customer’s bank account for instant wallet top-ups and transfer out.
Advertised benefits of MaxiPAY:
- Easy and real-time remittance
- Cashless in-store payment
- Online shopping
- Virtual and physical Mastercard©
- Fast and easy top-up
- Overseas cash withdrawal
- Safe and secure payment
- Accepted worldwide
“As an innovative leader in the pawnbroking industry, Maxi-Cash aspire to provide access to greater demographics by leveraging on fintech providers like MatchMove, which enable us to offer neobanking. Providing convenience and meeting short-term financial needs of our customers have been core to the growth of Maxi-Cash. 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 in how best to leverage the app.” said Ng Kean Seen, CEO of Maxi-Cash.
“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 MaxiPAY, its own branded app to provide best-in-class digital financial services to the under-served 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.” said MatchMove’s chief commercial fficer, Amar Abrol.