In a statement late Wednesday, Maxis said it has tied up with the Philippines' Globe Telecom to introduce what it said was the world's first mobile international money transfer service called M-money.

Under the system, Maxis customers can wire up to 500 ringgit ($143) per transaction to Globe subscribers in the Philippines, who can retrieve the money at Globe's 6,000 outlets, the statement said.

M-money will "revolutionize money transfer" and make it a convenient and cheaper alternative for foreign workers in Malaysia to send money back home, it said.

Maxis customers must cash in the money with Maxis before making any overseas remittance and are charged only a five ringgit ($1.47) service fee per transaction, less than half the fee that bank charges, it added.

Globe consumer business head Ferdz De la Cruz said the service marked a "breakthrough in cross-border financial services."

A Maxis spokeswoman, who declined to be named because she is not authorized to speak to the media, said subscribers can remit up to 500 ringgit a day and 10,000 ringgit ($2,940) a month.

Maxis said it plans to extend the service to Indonesia next month, to allow Maxis customers to send money to Indonesian bank accounts.