-TerraPay and Maya partner to power seamless money transfers for Filipinos worldwide
SINGAPORE, Nov. 16, 2023 /PRNewswire/ -- Today, TerraPay and Maya announce a transformative global partnership at the Singapore Fintech Festival.
As demand for efficient cross-border payment solutions continues to grow, TerraPay, a leading global cross-border payments network, is pleased to announce that it has forged ties with Maya, the number one fintech ecosystem in the Philippines offering the largest digital bank. advanced, premier consumer finance application and leading merchant acquisition and payment processing business. This collaboration aims to make international remittances more accessible, convenient and secure for Filipinos around the world.
With this partnership, Maya app users can now experience seamless money transfers from Korea, the US, Singapore and the Middle East through TerraPay's extensive global network. Together, both companies aim to improve customer experience while ensuring maximum transaction security, offering faster transfer times, competitive exchange rates and affordable borderless payment options.
Commenting on the collaboration, Ani Sane, Co-Founder and Chief Business Officer of TerraPay, said: "This partnership perfectly aligns with TerraPay's mission to drive financial inclusion and revolutionize borderless global payments. By partnering with Maya, we can offer customers customers in the Philippines with innovative solutions, providing them with fast and affordable cross-border payment options. We remain committed to making digital transactions safer and faster for senders and customers in the Philippines."
Khurram Malik, Chief Operating Officer of Maya, commented: "We are pleased to work with TerraPay to make international remittances more accessible and convenient for our customers. Cross-border payments are an integral part of increasingly global Filipinos with families or "virtual work opportunities abroad. By leveraging the fluidity of the Maya app, we make it easy for them to receive money, save and spend wisely."
TerraPay and Maya are driven by a shared vision of creating an inclusive ecosystem driven by superior customer experience. By leveraging TerraPay's secure and adaptable payments technology, Maya is expanding its thriving customer network, promoting global financial interoperability and inclusion, while opening new channels for customers to access convenient and secure payment solutions through borders.
The Philippines, which is among the top five countries in terms of remittances, witnessed a staggering remittance inflow of $38 billion in 2022, 1 and the value of transactions in the digital remittance market is projected to reach 1,120 million dollars in 2023 2. These statistics underline the importance of the collaboration between TerraPay and Maya in meeting the growing demand for efficient and convenient remittance services in the Philippines.
TerraPay simplifies the movement of money everywhere: providing a single connection to the largest cross-border payments network regulated in 29 global markets and enabling payments to 120+ receiving countries, 210+ issuing countries, 7.5+ billion bank accounts and more than 2.1 billion mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries of global businesses, from banks, fintechs and money transfer operators to travel companies, creative economy platforms and e-commerce marketplaces, while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London with global offices in Bengaluru, Dubai, Miami, Bogota, Dar es Salaam, Kampala, The Hague, Dakar, Joburg, Nairobi, Milan and Singapore and is expanding rapidly, having received funding from leading investors including IFC (the World Bank), Prime Ventures, Partech Africa and Visa.
For more details, visit terrapay.com.
About Maya Philippines Inc:
Maya is the number one fintech ecosystem in the Philippines, with the most advanced digital bank. It is powered by the number one merchant procurement and payment processing business, the number one consumer finance app and the number one digital bank.
It leads millions of Filipinos – consumers, businesses, communities and government agencies alike – to a digital economy that is more inclusive, transparent and empowering.
Maya is enabled by the country's only end-to-end digital payments company, Maya Philippines, Inc, and Maya Bank, Inc., for digital banking service. For more details, visit maya.ph and mayabank.ph.
1 https://blogs.worldbank.org/peoplemove/remittances-east-asia-and-pacific2 https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-remittances/philippines
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