Mobile and online remittance company WorldRemit signed a deal with Sacombank, one of Vietnam’s largest financial service providers, to expand its number of collection points in the country.
Following the deal, citizens in the country who receive funds through WorldRemit will be able to claim the cash at any of the bank’s 533 branches around Vietnam.
In a statement, WorldRemit said the move follows “high growth” across APAC which saw it expand its presence in Singapore, Hong Kong, Japan and Malaysia. Consumers in the region now receive almost 25 per cent of the 700,000 monthly transactions processed by the company.
WorldRemit founder and CEO Ismail Ahmed (pictured) said: “We are delighted to be expanding our service in Vietnam with Sacombank, one of the country’s most recognised institutions.”
“Vietnam remains one of the top ten global receive markets for remittances, and WorldRemit is committed to providing a secure, fast and lower cost transfer method for the Vietnamese diaspora to send money to loved ones at home.”
According to World Bank figures for 2016, Vietnam was one of the most popular destinations for international money transfer with $13.4 billion sent into the country during the year.