MoneyGram and DBS Bank launch SMS based remittance service from Singapore to India

Chennai: MoneyGram announced today that DBS Singapore customers can transfer money directly from their bank account via jolly app (SMS banking widget). The service enables customers to send money anytime, anywhere with just a few clicks. Transfer can be picked up in cash at over 36,000 MoneyGram locations across India.

MoneyGram and DBS collaborate to offer migrant communities looking for a reliable way to stay financially connected with their families. It is a part of joint commitment to provide digital, convenient money transfer options for the expatriates working in Singapore.

“We are delighted to partner with DBS/POSB to drive financial inclusion in the region. The new digital channel enables us to reach a greater customer base with a simple solution that can be operated on a basic feature phone. I hope that our customers will appreciate the convenience of this self-service remittance channel,” said Yogesh Sangle, MoneyGram’s head of APAC, Middle East and South Asia.

The app is supported in five languages – Tamil, Bengali, Bahasa Indonesia, Chinese and English.

“DBS/POSB serves the community in Singapore and strives to make banking accessible to all customers. Our partnership with MoneyGram will provide migrant communities greater connectivity to their families in their home countries. Besides availing mobile banking services to these migrant workers, they will also be able to make their remittances reliably in a fast and simple manner, giving them peace of mind,” said P’ing Lim, Head of Deposits & Secured Lending, DBS Bank Singapore.

There are over 138,000 Indians in Singapore and the annual outflow of remittances from Singapore to India is estimated at $806 million, according to the World Bank.