A groundbreaking international alliance is announced by TerraPay and Maya during the Singapore Fintech Festival.

TerraPay, a prominent global cross-border payments network, is thrilled to announce that it has partnered with Maya, the top fintech ecosystem in the Philippines that provides the most cutting-edge digital bank, the best consumer finance app, and the most prominent merchant acquiring and payments processing business.

(Photo : by JOEL NITO/AFP via Getty Image)
A groundbreaking international alliance is announced by TerraPay and Maya during the Singapore Fintech Festival.

The partnership comes as the demand for effective cross-border payment solutions keeps growing. The goal of this partnership is to improve the accessibility, convenience, and security of international remittances for Filipinos everywhere.

Facilitating Seamless Cross-Border Transactions

Thanks to this collaboration, users of the Maya app may now transfer money from Korea, the United States, Singapore, and the Middle East with ease via TerraPay's wide worldwide network.

Together, these businesses provide quicker transfer times, competitive exchange rates, and reasonably priced solutions for international payments, all with the goal of improving customer satisfaction while maintaining the highest level of safety and security for all transactions.

The goal of building an inclusive environment powered by an exceptional customer experience unites TerraPay with Maya. Through the utilization of TerraPay's flexible and safe payment technology, Maya is growing its customer base, advocating for inclusivity and worldwide financial interoperability, and creating new avenues for clients to get safe and convenient cross-border payment solutions.

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Surging Remittances in the Philippines

The Philippines, one of the top 5 recipient nations of remittances, had an astounding influx of remittances of USD 38 billion in 20221.

The market for digital remittances is expected to see transaction values of USD 1.12 billion by 20232. These figures highlight how important it is for TerraPay and Maya to work together to address the Philippines' expanding need for quick and easy remittance services.

The influx of funds from Filipinos working abroad has become a critical pillar supporting the nation's economy, contributing significantly to both household incomes and the overall economic landscape.

The surge in remittances can be attributed to various factors, including the recovery of global economies, particularly in countries with a significant Filipino diaspora.

The easing of pandemic-related restrictions and the revival of industries in key host countries have provided OFWs with increased job opportunities and stability, resulting in higher remittance flows.

Furthermore, the continued deployment of Filipino workers to various sectors worldwide, such as healthcare, information technology, and construction, has amplified the overall remittance volume. Countries like the United States, Saudi Arabia, and Singapore have remained principal sources of remittances, with their Filipino communities sending substantial financial support back home.

Experts suggest that the rise in remittance inflows is not only a testament to the resilience of OFWs but also indicative of the global economic recovery gaining momentum.

The Filipino diaspora, known for its strong sense of familial responsibility, has played a crucial role in sustaining the country's economy during challenging times.

Economists and policymakers are closely monitoring the impact of this remittance boom on the domestic economy. The increased inflow of foreign currency has contributed to the stability of the Philippine peso, providing a buffer against external economic shocks.

Additionally, the heightened remittance activity is anticipated to stimulate consumer spending, thereby boosting various sectors of the economy.

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