HitPay has introduced a Remittance API for Platforms, providing non-bank financial institutions and payroll providers with the capability to execute cross-border payouts into Asian markets.
This solution is tailored to enable remittance platforms, non-bank financial institutions, and payroll providers to utilize a single API integration to send cross-border payouts into key Asian markets.
By leveraging the local payment infrastructure that HitPay has established across the Asia Pacific region, this product extends support to the payout side. It offers global platforms access to regional corridors, last-mile payment channels, regulatory compliance, and screening services without necessitating them to establish a local presence or banking relationships in each market.
Regional Corridors, Compliance, and Context
Initially, the API supports payout corridors into Singapore, the Philippines, Bangladesh, and Malaysia. Further corridor expansions are currently being planned. The Philippines and Bangladesh, two of the world’s largest remittance-receiving markets, feature prominently in this strategic focus due to their significant regional financial flows. As per the United Nations Development Programme (UNDP), remittance flows within Asia and the Pacific reached USD 328 billion in 2023.
The B2B cross-border payments market in the Asia Pacific was forecasted to generate USD 90.7 billion in revenue by 2025, despite platforms operating at an average take rate of just 0.8%, which is notably lower than more mature markets. The API aims to tackle historical challenges such as compliance requirements, fragmented local payment infrastructure, and foreign exchange costs, making market entry faster and less costly through bundled KYC, AML/CFT controls, sender and beneficiary screening, and settlement solutions.
The payout network is based on HitPay’s regulatory presence in five jurisdictions. The company holds a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), an Operator of Payment System (OPS) license from the Bangko Sentral ng Pilipinas (BSP), and a merchant acquisition license from Bank Negara Malaysia (BNM). Additionally, it is registered with AUSTRAC in Australia and as a Money Services Business (MSB) with FinCEN in the US.
Early Adoption and Future Plans
GoZayaan’s Hometown platform, which supports Bangladeshi migrant workers sending money from Singapore to Bangladesh, has already integrated this API. A company official noted that the integration aims to facilitate faster and more affordable fund transfers for migrant workers while offering operational flexibility required for growth.
HitPay is also developing virtual account capabilities to complete a pay-in and pay-out loop, enabling platforms to receive funds locally, settle cross-border payments, and disburse into last-mile payment rails via a single platform.
Looking forward, the company plans to integrate traditional fiat rails with stablecoin infrastructure. This hybrid approach is intended to reach markets where conventional correspondent banking services are either slow, expensive, or unavailable. A company official outlined the longer-term vision as a platform through which any licensed financial institution can collect funds via virtual accounts, settle cross-border payments using the most efficient rail available, and deliver into local bank accounts and wallets at the destination.
