KUALA LUMPUR: TrueMoney Malaysia, part of the region-leading Ascend Money financial platform, today announced the launch of its International Remittance (IR) services in Malaysia. The newly introduced offering includes both Business-to-Business (B2B) and Consumer-to-Consumer (C2C) transfers, enabling corporate import transactions and retail money transfers.
Cross-Border B2B & C2C Transactions Now Available
With TrueMoney Remittance, Malaysian users can now:
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Facilitate B2B payments to all countries, with competitive exchange rates in USD, SGD, and THB.
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Conduct C2C transfers to seven countries: Myanmar, Cambodia, Indonesia, the Philippines, India, Nepal, and Bangladesh — primarily supporting the needs of migrant workers.
These services are accessible via the TrueMoney e-wallet, ensuring convenient, affordable, and secure transactions.
Advancing Financial Inclusion
“At TrueMoney Malaysia, we are committed to advancing financial inclusion for all, particularly for underserved communities such as migrant workers,” said Shaik Ikhwan, Head of Commercial at TrueMoney Malaysia.
“Our International Remittance services provide a seamless, reliable, and affordable way to send money across borders. By leveraging our advanced digital verification and extensive cash connectivity, we ensure secure transactions that reach even rural areas in receiving countries.”
Full eKYC Capabilities
Users are required to complete an eKYC (electronic Know Your Customer) verification process to access the remittance services. Notably, TrueMoney Malaysia is one of only 11 out of 26 digital remittance platforms in the country that offer full eKYC capability.
Launch Offer: Transaction Fee Waiver
To celebrate the launch, users can enjoy zero transaction fees on remittances of RM150 or more, with up to three redemptions per user from March to June 2025.
Malaysia’s Remittance Market on the Rise
According to Research and Markets, Malaysia’s outbound international remittance market grew by 2.4% in 2023, reaching $9.35 billion in 2024. It is projected to grow at a CAGR of 1.5%, hitting $9.93 billion by 2028.
With just two years in Malaysia, TrueMoney has already established a strong digital payment ecosystem, offering e-wallet services, bill payments, and now, international remittance.
Commitment to Inclusive Financial Solutions
“At TrueMoney, we are dedicated to meeting the evolving demands of Malaysia’s remittance market through innovative, inclusive financial solutions,” added Shaik.
“We invite businesses with international payment needs to reach out and explore how TrueMoney can support their operations. Together, we can positively impact the lives of those who depend on reliable cross-border remittance services.”
