True Money Malaysia, a subsidiary of Thailand-based Ascend Money, plans to develop an international remittance business and open corridors to key neighbouring countries, including Indonesia, the Philippines, Myanmar and Cambodia. TrueMoney’s e-wallet was launched in Malaysia earlier this year and is the official payment provider for all of Lotus’s locations nationwide.
The company has acquired over 25,000 key payment touchpoints to connect with TrueMoney, including Lotus’s, Tealive, Chatime, and Senheng. TrueMoney plans to expand its merchant touchpoints and is working with potential partners and key projects to offer new services on its platform.
The company also plans to leverage TrueMoney’s regional presence to enable cross-border payments for its Malaysian users when travelling and conducting payments across ASEAN countries.