Global cross-border payments network for emerging markets Thunes has partnered with Singtel to enable the Myanmar diaspora in Singapore to send money back to their home country through their mobile devices.
This key initiative is part of the United Nations Capital Development Fund's (UNCDF) Shaping Inclusive Finance Transformations (SHIFT) programme, supported by the Australian Government.
The aim of the SHIFT Challenge Fund is to tackle the challenges and barriers faced by women in Cambodia, Lao PDR, Myanmar and Vietnam (CLMV), and leverage on remittances as a channel to improve women’s economic empowerment. The goal is to deliver seamless money transfer solutions for individuals that don’t necessarily have access to the formal banking system.
Through this partnership, Thunes is connecting the Singtel Dash mobile wallet to various payout partners across Myanmar, and will be responsible for processing remittance transactions to Myanmar through Dash.
“Our goal as a business is to create an ecosystem that delivers better access to financial services, specifically focusing towards individuals who lack access to the traditional financial system,” said Thunes CEO, Steve Vickers.
“By working with key partners such as Singtel and UNCDF, we are now able to directly connect Myanmar diaspora with their families back home so they can send money across borders in a quick and safe manner. This is just the first step in our work with the UNCDF to help deliver better payment solutions across the region, and globally,” Vickers continued.