MasterCard Worldwide will make transfers to Asian countries through DBS Bank

MasterCard Worldwide and DBS Bank, a Singapore-based commercial bank, have announced the launch of online money transfer service, MasterCard MoneySend which will enable DBS customers make remittances to participating banks in India, Indonesia, Malaysia, Philippines and Thailand. 

According to DBS this new service will offer 24X7 real-time cross-border online remittances will have the required security level reached owing to two-factor customer authentication through login and password. It is expected that the transfers will be made through MasterCard global network to over 50 banks in 5 Asian countries.

"MasterCard MoneySend adds a new dimension of online money transfers to five key countries in Asia which the bulk of remittances out of Singapore fall under. Discussions are already underway with MasterCard to expand the network of markets as well as participating banks," said Vincent Tan from DBS Bank.