SG brief: Maxi-Cash and MatchMove

Maxi-Cash outletMaxi-Cash outlet

Maxi-Cash Financial Services will use MatchMove’s banking platform to launch an own-brand mobile application MaxiPAY for consumers, the Singapore-listed pawnshop operator said in a press release Tuesday.

MaxiPAY is a personal e-wallet with a virtual wallet account, prepaid MatchMove-enabled Mastercard-branded virtual and physical card, the release said, noting users will also be able to transfer money, both with instant domestic transfers and with cheaper international remittances. Singapore’s migrant workers will be a target demographic for the services, the release said.

“As an innovative leader in the pawnbroking industry, Maxi-Cash aspires to provide access to greater demographics by leveraging fintech providers like MatchMove, which enable us to offer neobanking,” Ng Kean Seen, CEO of Maxi-Cash, said in the statement. “With the addition of MaxiPAY to our business, we are able to offer more convenience to the consumers, by accessing a digital banking-like experience.”