SHAH ALAM, April 11 — The state has taken another step in digitisation by providing international money transfer services via Wavpay Fintech Holding Sdn Bhd’s e-wallet app.
Wavpay chief executive officer Brahma Shakthi said the system, developed with Sunway Money Sdn Bhd, is expected to be operational starting next month.
He said at present its main target users are foreign workers, foreign students, as well as entrepreneurs who have business ties overseas.
“In 2022 we recorded an estimated RM30 billion in remittances by foreigners, which is indicative of a huge market opportunity.
“Among the countries that recorded the most transactions were Indonesia, Bangladesh, and Nepal. That is why our main target now is foreign workers,” Brahma said.
He was speaking after the agreement signing ceremony and document exchange between Wavpay and Sunway Money, at the State Secretariat Building yesterday.
Also in attendance were Menteri Besar Dato’ Seri Amirudin Shari, Selangor Secretary Datuk Haris Kasim, state executive councillor for investment Dato’ Teng Chang Kim, and Sunway Group president Tan Sri Chew Chee Kin.
Brahma added the app enables users to transfer money 24 hours a day, with recipients receiving it within less than five minutes.
Each transaction only has a RM1 charge, in comparison to the higher rate levied by other banks.
“We will begin by introducing it in factories at the start of May, to help foreign workers in the money transfer system,” he said.
