Thunes Launches Instant Cross-Border Payments in Colombia with MOVii

Singapore / Bogota, Colombia, 25 May 2022Thunes, a Singapore-based global payments company, today announced a partnership with MOVii, a leading digital challenger bank and mobile payments platform in Colombia, to launch the country’s first instant cross-border payments using MOVii mobile wallets. This trailblazing move transforms how people send and receive money around the world, enabling businesses and consumers in Colombia and the global Colombian diaspora to benefit from simple, faster and transparent transfers.

Fast-growing FinTech MOVii currently has more than 3.0 million mobile wallet users. Colombians have used its digital platform extensively during COVID-19 lockdowns to efficiently transfer money to family and friends from the safety of their homes.

Money sent home by Colombians working and studying overseas has a significant impact on the local economy. Received remittances in Colombia have climbed to over $8 billion, contributing to almost 3% of the country’s GDP.

“We are excited to partner with MOVii to strengthen our fast-growing network in Latin America. Previously, a cross-border payment to Colombia using traditional corresponding banking networks could take several days and involve hidden fees and a lack of transparency. Now MOVii’s with more than 3.0 million users can receive money across the world in any currency as quickly and cost-effectively as a local transaction. This convenience brings significant benefits to consumers, entrepreneurs and businesses,” said Gabriel Carvajalino, VP of Network Development at Thunes.

This latest partnership shows Thunes responding to rapidly growing demand for Latin America, building on recent expansion elsewhere in the region. In recent years, rapid improvements in Internet penetration and surging mobile phone adoption – predicted to climb from 59% in 2019 to 82% by 2025 – have transformed the lives of Colombians and led to increased take-up of online banking. Mobile wallets like MOVii are helping to meet Colombians’ demand for faster and more efficient financial services.

“Our partnership with Thunes will enable us to empower our existing mobile wallet users further to send and receive money instantly from all around the world. Thunes’ global network covers 127 countries, so this means that Colombia residents will now be able to receive money transfers from their family and friends residing globally” said Hernando Rubio, CEO and Co-founder, MOVii.

About Thunes

Thunes is a B2B company that powers payments for the world’s fastest-growing businesses. Through a single, simple connection, consumers and businesses can send payments to – and get paid in – every corner of the world. Thunes currently supports 79 currencies, enables payments to 127 countries, and helps to accept 285 payment methods. Thunes is headquartered in Singapore with regional offices in London, Paris, Shanghai, New York, Dubai, and Nairobi.

For more information, visit www.thunes.com

About MOVii

MOVii is the most amazing challenger bank in Colombia, focused on changing the banking category, by improving the financial inclusion of those who have never been on the system and giving them the opportunity to manage their money as they wish to through an app and card. MOVii is moving forward with a disruptive, hassle-free value proposal that connects with people, with their financial needs and responds to their lack of access to banking.

For more information, please visit www.movii.com.co

CONTACT: Irina Chuchkina, +65 9775 5128, press@thunes.com