This strategic alliance, which was announced at the Singapore FinTech Festival, aims to revolutionise international remittances, catering specifically to Filipinos across the globe by enhancing accessibility, convenience, and security for international remittances.
As a result of the partnership, users of the Maya app will now have seamless access to TerraPay’s global network, facilitating efficient money transfers from Korea, the USA, Singapore, and the Middle East.
TerraPay focuses on simplifying cross-border transactions by providing a single connection to an expansive network regulated in 29 global markets, while Maya seeks to leverage this collaboration to empower its customers with fast and affordable cross-border payment options.
Ani Sane, co-founder and Chief Business Officer, TerraPay, said, “This partnership aligns perfectly with TerraPay’s mission of driving financial inclusion and revolutionising global borderless payments. By teaming up with Maya, we can serve customers in the Philippines with innovative solutions, empowering them with fast and affordable cross-border payment options. We remain committed to making digital transactions more secure and faster for remitters and customers in the Philippines.”
Khurram Malik, Chief Operating Officer of Maya, said, “We are pleased to work with TerraPay to make international remittances more accessible and convenient for our customers. Cross-border payments are integral to the increasingly global Filipinos with family or virtual work opportunities overseas. By leveraging the seamlessness of the Maya app, we are making it easier for them to receive money, save, and spend smartly.”
Both TerraPay and Maya share a vision of creating an inclusive ecosystem by leveraging secure payments technology, expanding networks, and promoting global financial interoperability and inclusivity.
The Philippines, ranking among the top 5 countries for remittances according to World Bank Blogs, witnessed significant inflows in 2022, underscoring the necessity of efficient remittance services. The collaboration between TerraPay and Maya is poised to meet this escalating demand for convenient and efficient cross-border payments.
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