7 June 2022
Maxi-Cash selects MatchMove to power neobanking service
Singapore – 07 June 2022 – Maxi-Cash, Singapore’s first SGX-listed pawnbroker, has chosen MatchMove’s Embedded Banking platform to power the launch of its own branded mobile application, MaxiPAY for consumers.
MaxiPAY is a personal mobile e-wallet that comes with virtual wallet account (enabled with MatchMove’s “MoveFast” solution), prepaid MatchMove-enabled Mastercard-branded virtual and physical card. It also allows consumers’ remittances to improve end-to-end engagement with their community, especially foreign workers.
As per the latest Singstat data1, migrant workers in Singapore comprise 23% of the total workforce making them one of the significant contributing segments to economic growth. The pandemic has accelerated digital adoption 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, this partnership aims 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 transfer out.
“As an innovative leader in the pawnbroking industry, Maxi-Cash aspire to provide access to greater demographics by leveraging on fintech providers like MatchMove, which enable us to offer neobanking. Providing convenience and meeting short-term financial needs of our customers have been core to the growth 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. The MatchMove team has shown great support in launching MaxiPAY and has also helped educate our customers in how best to leverage the app. said Ng Kean Seen, CEO of Maxi-Cash.”
“MatchMove is deeply committed to advancing financial inclusion across the region, for individuals and businesses, and we are excited to partner with Maxi-Cash in taking this vision forward. With our Lightspeed technology solution, Maxi-Cash has launched MaxiPAY, its own branded app to provide best-in-class digital financial services to the underserved segments of society, like migrant workers. We are confident that this solution will solve the challenges faced by these consumers with cheap and convenient money transfers as well as accessing other digital payment services. said MatchMove’s Chief Commercial Officer, Amar Abrol.”
Why use MaxiPAY?
- Easy and real-time remittance
- Cashless in-store payment
- Online shopping
- Virtual and physical Mastercard©
- Fast and easy top-up
- Overseas cash withdrawal
- Safe and secure payment
- Accepted worldwide
About Maxi-Cash
Maxi-Cash is the first public-listed pawnbroker in Singapore (listed on 22 June 2012). Maxi-Cash provides financial services in the form of pawnbroking and retails brand new 916/999 gold jewellery, fine jewellery and preloved branded timepieces, bags and jewellery. Incorporated in 2008, Maxi-Cash opened its first pawnshop in Ang Mo Kio Central in February 2009, followed by the first-ever pawnshop to begin operations in Orchard Road in August 2009.
Today, Maxi-Cash has the largest network of pawnshops and retail outlets in 47 locationsin Singapore which are conveniently located near amenities like bus interchanges and MRT stations. Maxi-Cash also has an international presence in Malaysia, Hong Kong, and Australia.
As the leader and innovator in the pawnbroking industry in Singapore, it has also paved the way in changing the overall image of pawnbroking by allowing customers to enjoy modern, professional and “bank-like” pawning experiences to meet their short-term financial needs. In April 2013, Maxi-Cash launched an island-wide renewal service which allows customers to renew and pay interest at any Maxi-Cash outlet. This service has been well received as it provides great convenience to customers.
Maxi-Cash is proud to be one of the top employers of choice in the Straits Times Singapore’s Best Employers 2022 award.
For more information, visit www.maxi-cash.com.
About MatchMove
MatchMove is a fast-growing and disruptive fintech company in digital payments and banking. The company's proprietary Banking OS™ enables Embedded Banking and the capabilities of Spend.Send.Lend.Defend.Ascend™ within our clients’ existing apps. Our acquisition of leading e-commerce infrastructure provider, Shopmatic, is the next step in that journey: combining a best-in-class Digital Commerce platform focused on SMEs with MatchMove's advanced Embedded Finance capabilities. MatchMove is licensed by the Monetary Authority of Singapore and authorized by leading card networks to issue virtual and physical cards along with virtual wallet accounts directly to users in approved jurisdictions, or anywhere else in the world with partner banks. The company is headquartered in Singapore with offices in India, Indonesia, Vietnam, Hong Kong, Malaysia, and the Philippines.
For more information related to MatchMove’s services, please visit our website at www.matchmove.com.
For media enquiries, please contact:
Hume Brophy.
MatchMove Pay Pte. Ltd.
E: matchmove@humebrophy.com
Joey Yang.
Senior Marketing Manager.
E: joey_yang@maxi-cash.com
