TrueMoney partners with Thunes to activate global remittances
Thailand-based fintech firm TrueMoney has signed a partnership with cross-border payments firm Thunes to expand its remittance network.
The deal enables TrueMoney users to receive money from “anywhere in the world” through Thunes’ partner network.
Thunes claims to operate with 60 currencies across more than 100 countries.
Myanmar will be the first country to benefit from this partnership. Thunes partners in the country will gain access to TrueMoney’s agent network across Southeast Asia.
This means a Burmese living in the US could send money to any TrueMoney cash location in Myanmar. The funds are “instantly” converted from US dollars to Myanmar kyats.
Before signing the Thunes deal, TrueMoney says its cross-border service was only available in selected markets through its mobile wallet.
“Our partnership with Thunes allows us to expand our global reach and connect our users to customers of Thunes’ partners globally,” says Dale Kim, managing director of TrueMoney parent Ascend Money.
“This reinforces our mission to provide innovative financial services to all, leading them to better lives.”
Founded in 2016, TrueMoney claims to have served more than five million customers and opened 20,000 cash pick-up locations.
Peter De Caluwe, Thunes CEO, says the deal aligned with his firm’s objective of providing new payment options for partners.
He adds that Thunes streamlines the process of cross-border money transfer, resulting in “greater speed and operational efficiencies for our partners.”
Thunes signed a partnership with Commercial Bank of Dubai in June to provide the latter with real-time payments to outside the United Arab Emirates.