DWG expands into Singapore with remittance app acquisition
Digital Wallet Group (DWG) has expanded into Singapore through its acquisition of remittance and FX company RediMoney, an Asia United Bank (AUB) subsidiary.
The Monetary Authority of Singapore (MAS) has approved DWG’s acquisition of the Filipino bank’s subsidiary, which will give DWG the opportunity to expand its Smiles mobile remittance app in Singapore.
The acquisition continues the alliance between the fintech and the bank — AUB was appointed DWG’s bank distribution partner in the Philippines in 2019.
DWG says it will bring its expertise in artificial intelligence and fintech and an enhanced user experience to complement RediMoney’s counter remittance service.
DWG CEO and founder, Eiji Miyakawa, says the acquisition of RediMoney is the fruition of a strong partnership with Asia United Bank.
He adds: “Furthermore, having a presence in Singapore is strategic to our global expansion plans in building traction with a sizeable migrant worker community.”
Miyakawa says the move into Singapore will help “fast-track our expansion into North America and Europe”.
Since its launch in Japan in 2017, Smiles has become the number one mobile remittance service there.
Singapore was the second largest source of remittances to the Philippines in 2020, after the United States. It contributed 7.2 percent, higher than Japan’s 5.3 percent and the United Arab Emirates’ 4.3 percent.
Miyakawa adds: “With the global pandemic restricting movements and travel, mobile remittances have been a lifeline for migrant workers around the world to support their families at home. In addition, the digitalisation of remittance services through mobile has also helped unbanked individuals to have greater financial access.”