MoneyMatch is a cross-border transfer service that helps small and medium-sized enterprises (SMEs) in Malaysia pay their global suppliers. Since its official launch in 2017, it has seen amazing growth, both in transactions and users.

MoneyMatch joins RippleNet

MoneyMatch first joined RippleNet back in April 2018, only to successfully conduct its first-ever live cross-border transaction out of Malaysia on the blockchain in October of the same year.

MoneyMatch attended last year’s Swell event in November, taking full advantage of the situation to grow, making partnerships with i-remit and MoneyNetInt.

We are happy to announce another successful collaboration over the @Ripple network! @MoneyNetintwill now be able to distribute payments in 3 more currencies with the Ripple-@MoneyMatch partnership, AUD, MYR, and BND. @moneymatchapp #Borderlesspayments pic.twitter.com/h3SQUjOhLa — MoneyNetint (@MoneyNetint) November 27, 2019

Reaping the benefits

Two years since first joining RippleNet, MoneyMatch is beginning to reap the benefits of RippleNet. MoneyMatch CEO and Co-founder, Adrian Yap, shared those benefits in a short clip and article by Ripple.

“Banks typically focus on larger customers who are sending higher volume transactions and can afford higher fees,” said Yap. “SMEs don’t have much choice other than to accept these same rates, which adds to the cost of dealing with foreign suppliers. We worked with Ripple to create an improved cross-border payment process that offers these customers better rates and faster transaction times.”

“All the banks charged the same fees,” explained Yap. “They were happy simply generating these revenues instead of trying to increase market share by reducing rates. We believed that offering lower prices and a simpler way to send money abroad would really benefit SME customers and allow us to capture this valuable market. Our challenge was that we were a small start-up from Malaysia, which is not a top-of-mind market for the rest of the world. We needed to develop relationships with banks and payment providers all over the world but didn’t have the required credibility or transaction volumes.”

MoneyMatch overcame this challenge by becoming part of RippleNet, which gave the company fast and easy access to hundreds of global partners. With everyone plugged into the same network, the company cut integration and operational costs, allowing it to provide faster and more affordable service to customers. RippleNet partnerships also helped MoneyMatch offer same-day settlement times.

“After joining RippleNet, we were suddenly a credible partner for all these financial institutions and payment providers around the world,” recalled Yap. “A RippleNet introduction is more like a hug than a handshake. We struggled to find a decent European partner and were stuck using the SWIFT system to make payments there. Working with RippleNet partners allowed us to cut our costs by as much as 40% and instead of transactions taking at least two days, we were completing payments in just a few hours.”

Despite developing a cost-effective cross-border payment process, MoneyMatch still had to convince customers to trust the company with their money instead of the traditionally reliable, if expensive, banks.

“SMEs are rightly cautious with their money,” said Yap. “Gaining their trust quickly was not something we could hack – you have to earn it. We saw businesses start with lower value transactions. Once we had their trust and they saw how much they were saving, these customers began making 4-5 larger payments with us every month. Over time, they also appreciate the benefits of same-day settlements, from helping with cash flow management to getting better terms from suppliers.”

MoneyMatch is looking to develop partnerships on RippleNet that will help build more payment and collection facilities on a global scale.