TransferFriend's fintech solutions to help save up to 85% in remittance cost

Mobile subscriptions in Southeast Asia is 854 million which is 133% of the population, yet only 6% of global remittances are done digitally. After launching the beta app on Google Play earlier this year, it has already gained over 20,000 installs and saved customers transfer costs on an average of RM66 per RM1,000 transfer.

Out of 600 million people in ASEAN, around 73% are unbanked. As measured by the Organisation for Economic Co-operation and Development (OECD) in 2016, Malaysia ranks 24th out of 30 countries in lacking financial education.

TransferFriend’s expansive 1,500 research on foreign workers found that much of their monthly income sent from Asia is often ill-used on short-term consumables with no specific savings plan in place. Majority of the respondents work to send up to 50% of their income back home to support their families without having a financial goal in mind.

TransferFriend's team

Having the regional office based in Malaysia, the company aims to provide a previously unseen solution for the global remittance market of 580 billion USD annually. TransferFriend will offer the best money transfer service with artificial intelligence (AI) driven financial education.

“The finance industry is the least trusted in the world today,” said Siim Säinas, Managing Director of
TransferFriend. “We believe we can offer a radically different way to build relationships and trust, by
offering valuable education to our members and personalising the learning experience with the help of AI.”

Mobile subscriptions in Southeast Asia is 854 million which is 133% of the population, yet only 6% of global remittances are done digitally. After launching the beta app on Google Play earlier this year, it has already gained over 20,000 installs and saved customers transfer costs on an average of RM66 per RM1,000 transfer. TransferFriend’s proof of concept showed that cost of transfer can be reduced by up to 85% by utilising new blockchain technologies.

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ecInsider News: TransferFriend's fintech solutions to help save up to 85% in remittance cost
TransferFriend's fintech solutions to help save up to 85% in remittance cost
Mobile subscriptions in Southeast Asia is 854 million which is 133% of the population, yet only 6% of global remittances are done digitally. After launching the beta app on Google Play earlier this year, it has already gained over 20,000 installs and saved customers transfer costs on an average of RM66 per RM1,000 transfer.
https://4.bp.blogspot.com/-qH89_sRPsp0/WbYqmi1EtUI/AAAAAAAABRk/M4aqu5kvy4YPWAUEYKDew01AZJGvSy9GACLcBGAs/s640/transferfriend-team.JPG
https://4.bp.blogspot.com/-qH89_sRPsp0/WbYqmi1EtUI/AAAAAAAABRk/M4aqu5kvy4YPWAUEYKDew01AZJGvSy9GACLcBGAs/s72-c/transferfriend-team.JPG
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