The expansion includes European countries such as Italy, France, Germany, Belgium and Spain, as well as England, Wales, Scotland, and Northern Ireland in the United Kingdom. In order to perform a global transfer, BigPay users need to enter the remittance amount, the recipient’s country, as well as the recipient’s banking account details.
BigPay first introduced its international remittance services back in September 2019, and according to crowdfundinsider.com, it has grown in size steadily despite the COVID-19 pandemic.
For a limited time, BigPay customers can perform free-of-cost overseas transfers to Europe and the UK. They can also send funds directly to bank accounts in Thailand, Indonesia, the Philippines, China, Malaysia, Singapore, Vietnam, India, Bangladesh, Australia and Nepal.
According to company representatives cited by crowdfundinsider.com, BigPay wants to leverage new technologies in order to minimise the complexity of sending money abroad. This includes sending money to family members, paying bills, or performing overseas purchases. The same representative revealed that BigPay has plans to expand this remittance feature and implement a way to accept incoming transfers from anywhere in the world.
In August 2021, BigPay has managed to secure USD 100 million in funding from South Korea-based SK Group. The funding round finalised just a few weeks after BigPay revealed it was applying for a Malaysian virtual bank license.
In March 2022, BigPay launched an all-digital loans platform named BigPay Later. This is a wholly owned subsidiary that’s being regulated by the Ministry of Housing and Local Government in Malaysia.
In May 2022, BigPay partnered with Azentio Software to leverage the former’s financial crime detection and management solution, Amlock. The integration improved BigPay’s transaction monitoring capabilities using an online workflow system.
BigPay’s service expansion comes at a time when remittance flows are on the rise in Europe.
According to worldbank.org, officially recorded remittance flows to low and middle-income countries are expected to reach USD 630 billion in 2022. This is a 4.2% increase that follows an almost record recovery of 8.6% in 2021.
Narrowing the scope to Europe and Central Asia specifically, remittances increased by 7.8% in 2021, reaching historic highs of USD 74 billion.
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