Enhanced M1 Remit with MyInfo, for a fully digital remittance experience
· Easy and secure in-app online verification process through MyInfo authenticated by SingPass
· End-to-end digital money remittance, from account registration to remittance payment
· 10 remittance destinations with more than 40,000 cash out points
· Service now available to both M1 and non-M1 mobile customers
SINGAPORE, 17 May 2018 – M1 Limited (M1) today announced an enhanced digital mobile remittance service, M1 Remit which is now integrated with MyInfo to enable a seamless end-to-end account registration experience. Vietnam is a newly added remittance destination, raising the number of remittance destinations to ten, including Bangladesh, India, Indonesia, Malaysia, Myanmar, Pakistan, Philippines, Sri Lanka and Thailand.
M1 Remit is the first mobile remittance service provider to use MyInfo, a trusted authentication solution that offers greater online security, privacy and improved user experience. MyInfo is a government digital service for SingPass users to manage the use of their personal data when transacting online with participating government agencies and commercial entities. It helps businesses enable seamless and convenient electronic-Know Your Customer (e-KYC)1 in their digital solutions with customers’ consent.
Customers can look forward to a fully digital remittance experience, from sign-up right down to remitting and making payments. With MyInfo, users can easily perform instant account registration and verification using the M1 Remit mobile app anytime, anywhere, and thereafter transact their remittance. Users can complete their remittance transaction simply by making their payment through the same mobile app at their convenience.
M1 Remit is now open to both M1 and non-M1 mobile customers in Singapore. Any registered customer can conveniently remit to their loved ones at any of the ten destinations. Recipients will be able to cash out as quickly as within an hour of the transaction from over 40,260 cash agents and 729 banks in the destination countries.
“We are delighted to be the first mobile remittance service provider to offer an end-to-end digital money remittance experience with the introduction of the MyInfo within our mobile app,” said Mr Alex Tan, Chief Innovation Officer, M1. “The enhanced M1 Remit service will enable even more customers to enjoy greater convenience in digital transactions.”
M1 Remit is available to iOS and Android users. For more information, please visit www.m1remit.com.sg.
M1 is Singapore’s most vibrant and dynamic communications company, providing mobile and fixed services to over 2 million customers. Since the launch of commercial services in 1997, M1 has achieved many firsts, including the first operator to offer nationwide 4G service, as well as ultra high-speed fixed broadband, fixed voice and other services on the Next Generation Nationwide Broadband Network (NGNBN). With a continual focus on network quality, customer service, value and innovation, M1 links anyone and anything; anytime, anywhere. For more information, visit www.m1.com.sg.
1 Electronic-Know your customer (‘e-KYC’) is the process of a business identifying and verifying the identity of its clients electronically. e-KYC is an approved process by Money Authority of Singapore (MAS) as an alternative to face-to-face verification.
Annex A: M1 Remit destinations
|Country||Remittance Method||Participating Banks / Partners||Pick-Up Points|
|Bangladesh||Account Credit||All Bangladesh banks nationwide||56 banks|
|Cash Pickup||Banks: Brac Bank, Islami Bank, Bank Asia, Agrani Bank, Janata Bank, Dutch-Bangla Bank, Bangladesh Krishi Bank, Pubali Bank, Sonali Bank, NCC Bank, Uttara Bank, Rupali Bank, The City Bank
NGO / MFI / Development Banks: BURO, JAGORANI, RRF, GUK. DESHA, CDIP, TMSS, Ansar VDP Unnayan Bank, Karmasangsthan Bank
|>8,200 pick-up points|
|India||Account Credit||All India banks nationwide||172 banks|
|Indonesia||Account Credit||All Indonesia banks nationwide||147 banks|
|Cash Pickup||PT POS Indonesia
PT Bank Negara IndonesiaPegadaian
Toko Reguler Outlets
|>14,500 pick-up points|
|Malaysia||Account Credit||All Malaysia banks nationwide||31 banks|
|Myanmar||Cash Pickup||Kanbawza Bank
Myanmar Citizen Bank
|>550 pick-up points|
|Pakistan||Account Credit||All Pakistan banks nationwide||38 banks|
|Cash Pickup||National Bank of Pakistan
Muslim Commercial Bank
|>2,260 pick-up points|
|Philippines||Account Credit||All Philippines banks nationwide||187 banks|
|Cash Pickup||Metropolitan Bank
M Lhuillier Pawnshop
Robinsons Department Store
Philippines Savings Bank
|>11,200 pick-up points|
|Sri Lanka||Account Credit||All Sri Lanka banks nationwide||34 banks
|Cash Pickup||Bank of Ceylon
Hatton National Bank
|>1,050 pick-up points|
|Thailand||Account Credit||All Thai banks nationwide||27 banks|
|Vietnam||Account Credit||All Vietnam banks nationwide||37 banks|
|Cash Pickup||All Vietnam banks||>2,500 pick-up points|