M1 LIMITED SINGAPORE, 17 May 2018 - M1 Limited (M1) today announced an enhanced digital mobile remittance service, M1 Remit which is now integrated with MyInfo to enable a seamless end-to-end account registration experience. Vietnam is a newly added remittance destination, raising the number of remittance destinations to ten, including Bangladesh, India, Indonesia, Malaysia, Myanmar, Pakistan, Philippines, Sri Lanka and Thailand.
M1 Remit is the first mobile remittance service provider to use MyInfo, a trusted authentication solution that offers greater online security, privacy and improved user experience. MyInfo is a government digital service for SingPass users to manage the use of their personal data when transacting online with participating government agencies and commercial entities. It helps businesses enable seamless and convenient electronic-Know Your Customer (e-KYC)1 in their digital solutions with customers' consent.
Customers can look forward to a fully digital remittance experience, from sign-up right down to remitting and making payments. With MyInfo, users can easily perform instant account registration and verification using the M1 Remit mobile app anytime, anywhere, and thereafter transact their remittance. Users can complete their remittance transaction simply by making their payment through the same mobile app at their convenience.
M1 Remit is now open to both M1 and non-M1 mobile customers in Singapore. Any registered customer can conveniently remit to their loved ones at any of the ten destinations. Recipients will be able to cash out as quickly as within an hour of the transaction from over 40,260 cash agents and 729 banks in the destination countries.
'We are delighted to be the first mobile remittance service provider to offer an end-to-end digital money remittance experience with the introduction of the MyInfo within our mobile app,' said Mr Alex Tan, Chief Innovation Officer, M1. 'The enhanced M1 Remit service will enable even more customers to enjoy greater convenience in digital transactions.'
1 Electronic-Know your customer ('e-KYC') is the process of a business identifying and verifying the identity of its clients electronically. e-KYC is an approved process by Money Authority of Singapore (MAS) as an alternative to face-to-face verification.
Annex A: M1 Remit destinations
Country | Remittance Method | Participating Banks / Partners | Pick-Up Points |
Bangladesh | Account Credit | All Bangladesh banks nationwide | 56 banks |
Cash Pickup | Banks: Brac Bank, Islami Bank, Bank Asia, Agrani Bank, Janata Bank, Dutch-Bangla Bank, Bangladesh Krishi Bank, Pubali Bank, Sonali Bank, NCC Bank, Uttara Bank, Rupali Bank, The City Bank NGO / MFI / Development Banks: BURO, JAGORANI, RRF, GUK. DESHA, CDIP, TMSS, Ansar VDP Unnayan Bank, Karmasangsthan Bank | >8,200 pick-up points | |
India | Account Credit | All India banks nationwide | 172 banks |
Indonesia | Account Credit | All Indonesia banks nationwide | 147 banks |
Cash Pickup |
PT POS Indonesia | >14,500 pick-up points | |
Malaysia | Account Credit | All Malaysia banks nationwide | 31 banks |
Myanmar | Cash Pickup |
Kanbawza Bank | >550 pick-up points |
Pakistan | Account Credit | All Pakistan banks nationwide | 38 banks |
Cash Pickup |
National Bank of Pakistan | >2,260 pick-up points | |
Philippines | Account Credit | All Philippines banks nationwide | 187 banks |
Cash Pickup |
Metropolitan Bank | >11,200 pick-up points | |
Sri Lanka | Account Credit | All Sri Lanka banks nationwide | 34 banks |
Cash Pickup |
Bank of Ceylon | >1,050 pick-up points | |
Thailand | Account Credit | All Thai banks nationwide | 27 banks |
Vietnam | Account Credit | All Vietnam banks nationwide | 37 banks |
Cash Pickup | All Vietnam banks | >2,500 pick-up points |
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M1 Limited published this content on 17 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 17 May 2018 09:58:07 UTC
