1) Objective is to comply with the UN SDG of achieving remittance transaction fee below 3%. 2) Creating traceable transactions to help achieve Anti-Money Laundering and Countering Financing of Terrorism 3) Provide financial inclusion regardless of gender, age, income, ethnicity, rural or urban by providing door to door money exchange or remittance service.

Customers register themselves on our website www.maxmoney.com, their details and are then screened through the database for any previous illegal acts committed. Once the initial verification is done, our company sets an appointment with the customer via mobile phone to verify whether the mobile phone and the address given are legitimate. Then a representative is sent over within 5 hours of the customer registration to conduct the face to face verification. Once arrived at the customer location and the face to face verification is completed, a clear photograph of the customers identification is captured and uploaded into our database. The compliance manager then verifies the documents uploaded against the registered details, particularly screening for validity of the document uploaded. Once the compliance manager approves the customer, the customer is then on-boarded and can perform remittance or can order the money exchange service. For money exchange service, the customer can then place an order online for the amount of cash the want to exchange, then have the cash delivered to their location or collect it themselves at our branches by producing the receipt or order number given to them. For remittance, they can perform the transaction online via their chosen bank, the transaction details will be sent to our headquarters where the recipient details are verified. If no suspicious activities or bank account mismatch is identified, the transaction is approved and is credited to their beneficiary account or ready to be picked up by cash at the recipients bank. Transactions that have no errors in them are credited within half an hour while transactions with errors or suspicious activities will be actively solved within 24 hours.

Our service is enables job opportunity for micro and small businesses. Some of the examples of entities that benefit from the usage of our technologies are, the riders who collect the initial information on the customers to be recorded, the small or family owned enterprise which can now receive additional income by providing money service business via the use of our system.

Each customer on-boarded first undergoes a face to face verification and screening of their documentation. The customer then undergoes verification through by the companies compliance team and is given a risk assessment. Customers with high risk assessment are continuously monitored. Each customer detail and transaction is recorded and sent to Bank Negara Malaysia. Each transaction is also verified by the company to ensure no illegal parties are receiving the money sent. The number of customers that have registered with us are recorded and divided by area. A tally of the number job opportunities for all the local people created over the period of time.

Max Money digital team