Azimo, which has operated in Europe since 2012, will now help people in Australia send money to more than 200 countries and territories worldwide, including China, Vietnam, the Philippines, and Thailand. The company registered with AUSTRAC as a money service business in July 2020 and will launch its service at the end of October 2020.
The company intends to disrupt the AUD 28 billion market for remittances from Australia with lower prices and faster delivery times. Transfers to Thailand and China, for instance, will be delivered instantly. All new customers will receive two fee-free transfers to try the service. The service is expected to appeal to Australia’s large Chinese expat population. People sending money to China from Australia will benefit thanks to Azimo’s integration with AliPay, the China-based payments platform.
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