Digital money transfer company WorldRemit has established a new hub in Singapore, enabling migrants in Singapore to transfer money to over 140 countries using the WorldRemit app or website.
The Singapore hub is also intended to help WorldRemit expand its presence in Asia, to include Hong Kong, Japan and Malaysia. The company says it has seen remarkable growth across APAC, which now accounts for almost 25% of all transactions sent by WorldRemit globally. This is a reflection of the increasing demand for mobile-first and online money transfer services in the region.
According to the UN’s International Fund for Agricultural Development (IFAD), the most dynamic growth in remittances over the past decade has been in Asia, which now receives 55% of the total. The World Bank ranks Singapore as the second easiest place in the world to do business, and the sixth easiest place globally to start a company.
Remittances sent from Singapore play an important role in other regional economies – over $6.2 billion left the country in 2015, according to the World Bank. Key recipients include the Philippines, China, Malaysia, Indonesia and India.
Last month WorldRemit announced a global integration with Google’s Android Pay, followed by a partnership with Huawei’s mobile money platform across Africa. The company says it currently handles 74% of all international remittances sent from money transfer operators to mobile money accounts, and is connected to over a fifth of all mobile money accounts globally.