KUALA LUMPUR: Fintech company True Money Malaysia Sdn Bhd (TrueMoney) has set plans to build up an international remittance business and open corridors to key neighbour countries, especially Indonesia, the Philippines, Myanmar and Cambodia, by leveraging TrueMoney network and partners.
"Our expansion plan is local market-driven but aligned with the regional strategy. Our TrueMoney Malaysia e-wallet platform is to serve the Malaysian market for now, but soon we plan to enable cross-border payment to make TrueMoney wallet a true lifestyle app for every single Malaysian," said Ascend Group country managing director Jessie Chong.
Truemoney, a subsidiary of Thailand-based Ascend Money, launched its e-wallet in Malaysia via a partnership with Lotus's Stores Malaysia Sdn Bhd (Lotus's Malaysia) early this year, its 7th country of launch after Cambodia, Myanmar, Vietnam, the Philippines, and Indonesia.
With a wallet size of RM10,000, TrueMoney is the official payment provider for all of Lotus's locations nationwide, focusing on providing digital payment solutions.
Since its launch, Truemoney has acquired over 25,000 key payment touchpoints to connect with TrueMoney, including Lotus's, Tealive, Chatime, Senheng and more.
Chong said the key strategy is to build strong partnerships with merchants, to empower the convenience of payment via TrueMoney technology. The company is looking at onboarding another 50 key merchants in a few quarters.
Chong also said that apart from continuous efforts to strengthen its partnership with Lotus's and other partners to grow the business together and expand reach to all Malaysians, the international remittance plan will leverage TrueMoney's regional presence.
"As a latecomer to the market, we are thrilled to see an 80 per cent month-on-month growth of customer sign-ups in the past two months.
"To achieve greater heights, we are currently working with various potential partners and key projects to offer new services on our platform and expand our merchant touchpoints," she said.
Chong also said that the enhanced cooperation on payment connectivity between Indonesia (Bank Indonesia), Malaysia (Bank Negara Malaysia), Philippines (Bangko Sentral ng Pilipinas), Singapore (Monetary Authority of Singapore) and Thailand (Bank of Thailand) to support faster, cheaper, transparent, and more inclusive cross-border payments had boosted Truemoney's e-wallet platform.
"We are seeing cross-border payment as an essential feature in the near future to make Malaysian TrueMoney wallet users hassle-free when travelling and conducting payments across ASEAN countries," Chong said.
Founded in 2003, TrueMoney is a regional fintech company in Southeast Asia under Ascend Money, a joint venture between The Charoen Pokphand Group (CP Group) and Ant Financial (Alibaba).
As of 2022, more than 50 million people across the Southeast Asian (SEA) region have used TrueMoney's e-wallet app.