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TerraPay and Maya to offer global remittance services to Filipinos

By Gloria Mathias

November 16, 2023

  • APAC Fintech news
  • APAC news
  • Cross Border Digital Payments
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Terrapay, Maya, Maya Bank, Philippines, Digital Banking, Money Transfers, Global Remittances, International Remittances, Finance News, APAC News, Fintech news, TerraPay, a global cross-border payments network has announced its partnership with Maya, the FinTech ecosystem in the Philippines that offers advanced digital banking solutions.

This collaboration aims to make international remittances more accessible, convenient, and secure for Filipinos across the world. With this partnership, users of the Maya app can now experience seamless money transfers from Korea, the USA, Singapore, and the Middle East through TerraPay’s extensive global network.

Together, both companies aim to enhance the customer experience while ensuring the utmost safety and security of transactions, offering faster transfer times, competitive exchange rates, and affordable borderless 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 revolutionizing 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.”

TerraPay and Maya are driven by a shared vision of creating an inclusive ecosystem powered by superior customer experience. By leveraging TerraPay’s secure and adaptable payment technology, Maya is expanding its thriving network of customers, promoting global financial interoperability and inclusivity, while opening new channels for customers to access convenient and safe payment solutions across borders.

The Philippines, ranking among the top 5 countries for remittances, witnessed a staggering remittance inflow of $38 billion in 2022 and the transaction value in the digital remittances market is projected to reach $1.12 billion in 2023. These statistics underscore the significance of the collaboration between TerraPay and Maya in meeting the growing demand for efficient and convenient remittance services in the Philippines.

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