TrueMoney Philippines Ceases Operations in Planned Market Exit

TrueMoney Philippines, a digital payments and remittance company, announced on April 30 that it will fully cease commercial operations in the Philippines as part of a planned market exit. The company said it is carrying out an orderly wind-down of operations after a decade of service in the country.

Company Operations and Services

During its decade of operations, TrueMoney Philippines offered digital payments, cash in and cash out services, remittances, mobile top-ups, lending, and insurance. According to the company, it served more than 5 million customers and over 20,000 small and medium enterprises (SMEs).

Regional Operations and Ownership

TrueMoney Philippines is part of Ascend Money, a digital financial services company backed by Thailand’s Charoen Pokphand (CP) Group and Ant Financial, Alibaba’s fintech affiliate. TrueMoney operates across Southeast Asia, with offices in Thailand, Vietnam, and Cambodia, and also operates in Myanmar, Indonesia, and the Philippines.

Partnership Network

In the Philippines, TrueMoney worked with remittance companies including Western Union and WorldRemit, a UK-based digital money transfer company. As of 2018, money sent through WorldRemit could be picked up at more than 14,000 TrueMoney Centers nationwide.

Market Context

The Philippines is one of the world’s largest remittance recipients. According to World Bank data cited by Western Union, the Philippines ranked fourth globally for remittance inflows in 2019. Western Union and WorldRemit relied on TrueMoney’s network for cash collection in the Philippines; following the exit, these companies may need to establish new local partnerships to maintain similar cash pick-up coverage.