Maybank Singapore has partnered with Tagit to offer its clients a new way to transfer funds from one person to another. The service is called “The Maybank Mobile Money service”, and will allow anyone with the Maybank Banking app to send funds to any mobile number registered in Singapore, and redeem the funds through their bank account.
The service is based off of Tagit’s Mobiex platform. Mobiex, which is only available in Singapore, offers social Person-to-Person money transfers, like bill splitting and taxi fare sharing. The service is also used as a payment solution for small businesses like tutors and freelancers.
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The service is available on Maybank’s mobile banking app available for both Android and iOS supported devices.
P2P money transfers seem to be very popular in Asia, and we have seen similar services before, although not offered through a bank. With mobile Ecommerce on the rise, the logical step for most companies, even banks, seems to be offering mobile solutions to their customers.