Maxi-Cash takes the neobanking path with MatchMove

SGX-listed pawnbroker Maxi-Cash chose MatchMove’s embedded banking platform to power the launch of its own branded mobile application for consumers, dubbed “MaxiPAY.”

MaxiPAY is a personal mobile e-wallet that comes with a virtual wallet account enabled with MatchMove’s “MoveFast” solution, and a prepaid MatchMove-enabled Mastercard-branded virtual and physical card. 

The e-wallet also allows consumers’ remittances to improve end-to-end engagement with their community, especially foreign workers.

The pandemic has accelerated digital adoption in Singapore by several years and yet as of 2020, some 50,000 migrant workers did not even have a basic bank account. 

Fostering a digitally inclusive society, the partnership is intended to educate and provide a better and faster digital banking experience to the underserved segments – like migrant workers – who are struggling to access better financial and banking services.

Using MatchMove’s product solutions, Maxi-Cash users can now top-up and transfer out money in real-time, spend via their prepaid virtual cards, and perform instant domestic FAST transfers as well as cheaper international remittances. 

This is made possible via secure virtual accounts which can be linked to a customer’s bank account for instant wallet top-ups and transfers out.

“Maxi-Cash aspires to provide access to greater demographics by leveraging fintech providers like MatchMove, which enable us to offer neobanking,” said Ng Kean Seen, CEO of Maxi-Cash.

With the addition of MaxiPAY to our business, we are able to offer more convenience to the consumers, by accessing a digital banking-like experience at their fingertips,” said Ng. “The MatchMove team has shown great support in launching MaxiPAY and has also helped educate our customers on how best to leverage the app.”

MatchMove’s Chief Commercial Officer, Amar Abrol expressed confidence that MaxiPAY will solve the challenges faced by consumers with cheap and convenient money transfers as well as accessing other digital payment services.