Maxi-Cash, Singapore’s leading pawnbroker listed on the Singapore Stock Exchange (SGX), is using MatchMove’s integrated banking platform to power the launch of MaxiPAY, its own branded consumer mobile app, the Economic reported. Times Tuesday, June 7.
According to the report, Maxi-Cash leverages MatchMove’s Lightspeed technology to deliver a digital banking experience through MaxiPAY. MaxiPAY is enabled by MatchMove’s MoveFast solution.
See also: FinTech MatchMove Pay buys e-commerce startup Shopmatic
MaxiPAY also comes with a prepaid Mastercard – virtual or physical – activated by MatchMove, the report says. It enables better end-to-end engagement with consumer 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 has intensified digital adoption around the world, there are still around 50,000 immigrant workers who lack basic bank accounts, the report says. The partnership aims to help promote an inclusive digital society by providing an easier and faster digital banking experience to underserved segments like migrant workers.
Read also: How FIs can seize the BaaS opportunity to engage digital-first customers
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 cheaper 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 this.
“Providing convenience and meeting the short-term financial needs of our customers has been central to Maxi-Cash’s growth,” he said, according to the report. “With the addition of MaxiPAY to our business, we are able to provide greater convenience to consumers by accessing a digital banking-like experience at their fingertips.”
Read also: Where do UCs stand on digital services and what do their members want?