Malaysia’s MBSB Bank, formerly Malaysia Building Society Berhad, has partnered with UK-based money transfer company Wise to launch Global Easy Transfer (GET), a new international remittance service.
The collaboration makes MBSB the first Malaysian bank to integrate with Wise Platform, Wise’s global payments infrastructure, joining the likes of Nubank, Morgan Stanley, and Raiffeisen Bank and enabling customers to transfer money internationally in real-time across more than 12 currencies, including USD, GBP, EUR, SGD, IDR, and AUD.
MBSB states that “GET is engineered to eliminate the long-standing pain points faced by Malaysians: concealed charges, high latency, vague exchange rates, and lack of visibility”.
With technical support from fintech partner ECS Fin, the new service has been directly integrated into MBSB’s retail banking application, M Journey. Customers can transfer up to RM 100,000 (around $24,000) daily through the platform.
Samarth Bansal, APAC general manager at Wise Platform, notes that the new cross-border payments offering will enable “at least 22 million individuals in Malaysia to send money in a fast, secure, transparent, and convenient way”. Bansal adds: “With local payments in Malaysia and other parts of Asia Pacific being instant, customers now expect the same from cross-border transfers.”
MBSB’s multi-country remittance project is being driven by Group CEO Rafe Haneef, who was appointed to lead the bank in July 2024 following the approximately $240 million merger between MBSB Bank and Malaysian Industrial Development Finance Bhd (MIDF) in late 2023.
Source: https://www.fintechfutures.com/
