EastNets, a leading global provider of compliance and payments solutions and services, has announced that it has recently launched the pilot implementation of a new mobile remittance solution known as en.MoRe.
en.MoRe enables Vietnamese expatriates to simply use their mobile phone to initiate a money transfer transaction in an easier, cost-effective and more convenient way compared with traditional remittance approaches. Money transfer recipients receive the money through any of VeitinBank's extended network in Vietnam.
Mr. Ngo Xuan Hai, Director of Overseas Remittance Service Dept, VeitinBank said: "This new service will allow us to expand our market base in the region as it empowers people to send money to their friends and families in a more convenient and efficient way. This is another excellent product from EastNets that will definitely create a positive impact in the money transfer business."
âThe new en.MoRe service is a great value-added offering to people who regularly send money to their home countries. EastNets is pleased to work with VeitinBank for the pilot implementation of en.MoRe, as our partnership enables us to reach out to a greater number of consumers,â said Hazem Mulhim, CEO of EastNets.
EastNets has plans to expand the market coverage of en.MoRe starting with a many-to-many network between mobile network operators in 10 sending countries and banks in 15 receiving countries in the coming months. The service will be offered in key markets such as Pakistan, India, the Philippines and the Middle East. With this service, EastNets will help mobile network operators and banks to target the estimated 200 million migrant workers around the globe who send money to friends and families on a regular basis.
en.MoRe is a technology platform and payment scheme to enable banks and mobile network operators to interoperate globally. It allows mobile network operators to connect to a single hub that is already linked via SWIFT to more than 8,000 banks worldwide.
EastNets is currently in the process of obtaining certification for the SWIFTReady Workersâ Remittance Label with its en.MoRe solution. EastNets can also offer electronic wallet services and solutions that comply with anti-money laundering regulations to simplify implementation.