EMQ, a cross-boarder money remittance app, has announced a partnership with Tencent-owned WeChat Pay HK, an online payment service provider in Hong Kong, to expand its remittance services to Indonesia.
The newly-launched Indonesia corridor is building on the success of the Philippines corridor, which has been operational since early this year, as per a press statement.
The partnership enables WeChat Pay HK to simplify the remittance process by allowing the overseas workers in Hong Kong to send money via their smartphone. With this, the companies aim to drive greater financial inclusion across the Philippines and Indonesia. The Filipinos and Indonesians, who live and work away from home, can now use WeChat Pay HK to access various pay-out options, including instant cash pickup, bank deposits to any bank, or mobile wallet.
“Both the Philippines and Indonesia are currently among the top 10 largest recipients of remittances according to the World Bank, with millions of households relying on the financial support of the overseas workers,” said Max Liu, Co-founder and CEO of EMQ. “We aim to make the services more accessible and inclusive to the hard-working overseas workers leveraging our extensive remittance network in Asia.”
EMQ currently has footprint in Hong Kong, Taiwan, Indonesia, Vietnam and the Philippines, with plans underway to expand across other key business markets first in Asia and then globally, covering North America, Europe and the Middle East. The company received its Fund Transfer Operator license from Bank Indonesia in March 2017.
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Headquartered in Hong Kong, EMQ is a fintech startup building a financial network across Asia with a focus on remittance. The firm partners with financial institutions and other strategic partners in to enable and settle cross-border remittance via banks and various modes for top-up and last-mile delivery.