Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 23): Home-grown money services provider Max Money Sdn Bhd today launched its MaxTerminal service which allows customers to remit money abroad using only their debit cards at selected retail outlets.

Max Money is the first Malaysian company to obtain full fledged Money Service Business (MSB) License, regulated by Bank Negara Malaysia.

The launch made Max Money the first money service business provider in Malaysia to introduce a hybrid Online to Offline (O2O) model, whereby personal and business transactions can be done over-the-counter or online.

Max Money also launched its new portal, where customers can transfer money and exchange currencies online.

In a statement today, Max Money said the facility gives foreign workers, and rural folk an unprecedented and unparalleled level of service and convenience in transferring funds to over 150 countries.

“This is a breakthrough for a brick and mortar money service business and represents a turning point towards a cashless society.

“As for Max Money's retail partners who qualify to become official distributors, they can earn up to RM5,000 a month from the minimal fees imposed on transactions,” the company said.

Max Money plans to install some 3,000 MaxTerminals nationwide within the next 12 months.

Max Money founder and chief executive officer Abdul Hamid said Max Money's solutions and services were aimed at improving efficiencies and reducing transaction costs, in line with the World Bank's Project Greenback 2.0 initiative.

"Max Money is also committed to achieving goals relating to remittance and transactions under the United Nation's Sustainability Development Goal," Abdul Hamid added.

Max Money has 21 branches and over 200 employees, as well as corporate offices in Kuala Lumpur, London and Nepal.

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