Thailand’s TrueMoney will now be available for use in Malaysian via a partnership with Lotus’s Stores Malaysia Sdn Bhd (Lotus’s Malaysia). The fintech subsidiary of Ascend Money also announced that with this, TrueMoney has become the official payment provider for all of Lotus’s locations across the nation on top of the existing e-wallets used.
Through it’s the TrueMoney app, Customers can now make peer-to-peer transactions, repaid and game credit top-ups and even pay utility and phone bills and trace every transaction in real-time.
“We, TrueMoney, have now expanded into the Malaysian market, marking the company’s 7th Southeast Asian country of operation” said Jessie Chong, Ascend Group’s Country Managing Director. “Through our eWallet, we offer seamless payment and convenience to all users, with a wallet size of MYR10,000 ($2306) and the utmost assurance of safe and secure payment.”
She adds that the firm aims to leverage on its international presence to create a holistic and dynamic approach to creating a payment ecosystem within Southeast Asia that benefits individuals and small and medium-sized enterprises (SMEs); which includes cross-border payments in the pipeline.
“We might be the new kid on the block, but we bring with us a strong tech infrastructure & pre-existing businesses to connect with users in Malaysia.”
Established in 2003, TrueMoney is the product of Ascend Money, a joint venture between The Charoen Pokphand Group (CP Group) and Ant Financial (Alibaba). Since its debut, the Thai unicorn has risen above the ranks in the industry, with operations in six countries with the largest agent network with over 88,000 agents to seamlessly send money both domestically and internationally.