Tuesday, May 30, 2023

DiGi, Citigroup to offer remittance on mobile phones

DiGi Telecommunications Sdn Bhd has teamed up with Citigroup Global Transaction Services to be the first mobile service provider in Malaysia offering remittance services via mobile phone.

DiGi chief executive officer, Morten Lundal said on April 12 the service would initially allow remittance to selected Southeast Asian countries and later extended to other Asian countries.

He said DiGi wanted to cement its position as the preferred mobile operator among migrant workers in Malaysia. He declined to reveal how many migrant subscribers DiGi has. As of December last year, DiGi had 5.3 million subscribers.

According to Citigroup data as of December 2006, the total migrant remittance in Malaysia is over RM5 billion annually.

Lundal said the service would enable migrant workers to remit money to up to five beneficiaries in their home countries any time and anywhere from their mobile phones as long as they are DiGi subscribers.

Lundal (2nd right) exchanging documents with Nanavati as Citigroup Malaysia head (global transaction services) Elaine Fan (left) and DiGi head (product management) Albern Murty look on

He was speaking to reporters after signing an MoU with Citigroup in Kuala Lumpur.

Lundal said DiGi is finalising the charges for the service as it would depend on the currency of their remittance destination.

DiGi subscribers have to register at the 18 DiGi centres nationwide for this service and then make a cash deposit for the amount to be remitted. The subscribers can then remit the money on their mobile phones.

“Some may want to put RM500 in and then transfer RM100 the next day and another RM100 the following week,” Lundal said, adding the service may later be made available at DiGi’s 80 specialised stores in the country.

Citigroup country head of corporate and investment banking, Sanjeev Nanavati said DiGi’s service would leverage on Citigroup’s extensive presence in over 100 countries as well as its access to domestic payment networks in those countries.

He said each transaction would take one business day. The beneficiaries would receive the money in their designated bank accounts or at Citigroup appointed agents.-Theedgedaily

Kugan is the co-founder of MalaysianWireless. He has been observing the mobile industry since 2003. Connect with him on Twitter: @scamboy

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