New fintech collab to make international remittances easier for global Filipinos

Photo by Jonas Leupe/Unsplash

On Nov. 15 the Singapore Fintech Festival announced that TerraPay and Maya have joined forces to reinvent international remittances, presenting a significant stride towards seamless and secure cross-border transactions.

TerraPay, a global leader in cross-border payments, has established itself as a prominent player in simplifying international money transfers. Operating in 29 global markets, TerraPay offers users faster transfer times, competitive exchange rates, and affordable borderless payment options.

Maya meanwhile stands atop the fintech ecosystem in the Philippines, with its digital bank, consumer finance app, and payments processing business.

Thanks to the collaboration, Maya app users can experience streamlined money transfers from various regions, including the United States, South Korea, Singapore, and the Middle East, leveraging TerraPay’s extensive global network.

According to a press release, the Philippines is among the top five countries when it comes to remittance inflow—about $38 billion in 2022.

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Maya aims to leverage TerraPay’s secure and flexible payments technology to expand its customer network. This strategic partnership directly tackles the growing demand for efficient remittance services, promising to reshape the dynamics of international transactions.

The collaboration between Maya and TerraPay represents a pivotal juncture in the transformation of international remittances. In the ever-evolving landscape of financial technology, the efforts of these two entities are anticipated to carve out a distinctive path, leaving a positive and lasting impact on the global payments industry.