KUALA LUMPUR: The Alliance Cash2Home mobile app, the first in Malaysia for foreign workers to send money home, is fast picking up pace.
Alliance Bank head of group transformation office and senior vice president Ken Yong said the Alliance Cash2Home primarily targets foreign workers in Malaysia.
“It is specifically designed with the needs of both employers and employees,” he told NST Business here recently.
The bank’s earlier survey with a focus group on Alliance Cash2Home showed full acceptance rate from foreign workers.
Foreign workers like this mobile app because they need not risk handling cash and queue up at banks to send money home.
Yong claimed that Alliance Cash2Home revolutionises the traditional approach to account opening by reducing the average time taken for account opening to a new industry record, from 40 minutes for one account at the bank branch to 70 minutes for 35 mass account openings with the mobile app.
"During the factory lunch break, our team would go to the customer’s site to assist foreign workers open bank accounts on the spot. It is so much faster than foreign workers coming and queuing up at our branch offices," he said.
“The Alliance Cash2Home mobile app not only improves productivity and efficiency for both the business owners and foreign workers, but also ensure that cash handling is minimised as to avoid possibilities of theft and robbery,” he added.
The mobile app currently allows money to be sent in nine currencies, namely in Indonesian rupiah, Nepali rupee, Bangladeshi taka, Myanmar kyat, Indian rupee, the Philippines peso, Sri Lankan rupee, Pakistani rupee and the US dollar.
He said many business owners and employers have shown interest with Alliance Cash2Home as it is secure and convenient and easy to use.
By leveraging on technology, the Alliance Cash2Home mobile app simplifies the process of account openings and foreign remittance to be a lot more efficient while remaining secure.
It uses an authorisation method via a "live selfie" of the account holder. Facial recognition technology is considered far more secure than fingerprint verification, said Yong.