Maxi-Cash, Singapore’s first pawnbroker listed on the Singapore Exchange (SGX), is using MatchMove’s embedded banking platform to power the launch of MaxiPAY, its own branded mobile application for consumers, the Economic Times reported Tuesday (June 7).
Maxi-Cash is tapping MatchMove’s Lightspeed technology to offer a digital banking experience via MaxiPAY, according to the report. MaxiPAY is enabled by MatchMove’s MoveFast solution.
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MaxiPAY also comes with a prepaid Mastercard — virtual or physical — that’s enabled by MatchMove, the report stated. It allows for better end-to-end engagement with consumers’ remittances and their communities.
In Singapore, migrant workers are an important economic demographic contributing to the country’s growth and accounting for 23% of the total workforce, according to Singstat data, cited in the report.
While the pandemic escalated digital adoption worldwide, there are still an estimated 50,000 immigrant workers who don’t have a basic bank account, the report stated. The partnership aims to help promote a digitally inclusive society by offering an easier and faster digital banking experience to underserved segments like migrant workers.
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Maxi-Cash users can top up and transfer money in real time with MatchMove’s solutions and make purchases using their prepaid virtual cards, according to the report. Instant domestic transfers are also available, as are less expensive international remittances.
Maxi-Cash CEO Ng Kean Seen said in the report that Maxi-Cash is on a mission to “provide access to greater demographics,” and its partnership with providers like MatchMove will help accomplish that.
“Providing convenience and meeting the short-term financial needs of our customers have been core to the growth of Maxi-Cash,” he said, per the report. “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.”
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