TransferMate Gets Payment License In Singapore; Shanghai Commercial Bank Teams With EMQ

The Axis

Welcome to The Axis, your late look at payments news from around the world. Coverage includes TransferMate’s approval for a payments license in Singapore, Chinese bank Shanghai Commercial Bank (SCB) working with the EMQ to support cross-border money transfers, Woori Bank and Wing Limited Special Bank reportedly inking a memorandum of understanding for money transfers between Cambodia and South Korea, and Safaricom rolling out a bus ticketing product with the help of BuuPass Limited.

Business-to-business (B2B) payment cross-border payment provider TransferMate has earned a payments license in Singapore, according to reports. The move marks the company’s first regulatory approval in Asia and will reportedly offer “inroads into the region’s high-growth markets” to the company’s client base. As it stands, the company has license approval in 49 U.S. states along with D.C. and Puerto Rico in addition to Canada, New Zealand and Australia, among other places. TransferMate co-founder and CFO Sinead Fitzmaurice said, according to reports, “Gaining regulatory approval in Singapore marks a significant step for our business and provides a major boost for customers doing business in and out of Asia.”

In Hong Kong, Chinese bank Shanghai Commercial Bank (SCB) is working with the EMQ to support cross-border money transfers, according to reports. Through the tie-up, the SCB payment platform would integrate with the network of EMQ to reportedly offer cost-effective as well as secure cross-border solutions. The news comes as the bank created the Shacom Pay mobile app for low-value instant transactions. SCB managing director and CEO David Kwok said, according to reports, “We are delighted to partner with EMQ as a part of our digital banking strategy to offer customers a fast, convenient and secure money transfer service through our banking network and mobile app.”

In other payment news from Asia, Woori Bank and Wing Limited Special Bank have reportedly inked a memorandum of understanding for money transfers in real-time between South Korea and Cambodia, The Khmer Times reported. The service could roll out in the middle of 2019, per a statement cited by the report.  As it stands, an estimated 40,000 immigrants from Cambodia live in South Korea, and the firms reportedly forecast that figure to still grow in the years to come. Users will reportedly be able to transfer money via automated machines, a banking application or a bank branch when the service becomes available.

On another note, Safaricom rolled out a bus ticketing product with the help of BuuPass Limited, The Star reported. To access the service, customers can a use website or a phone number. At the same time, it was reported that payments are taken via M-PESA. Users can choose a bus operator along with specific seat numbers and preferred times of travel through the platform. Tickets are then printed at the bus station after a confirmation SMS is shown. Safaricom Chief Enterprise Business Officer Rita Okuthe said, according to the report, “This partnership with BuuPass seeks to extend the convenience of M-PESA by empowering our customers to book a bus ticket wherever they may be and at their luxury.”