Personal remittances from Overseas Filipinos in the first seven months of the current year continue to exhibit an increase in growth. The Bangko Sentral ng Pilipinas (BSP) reported a growth of 3.0 percent from the level registered in the same period last year with year-to-date remittance inflows of $18.5 billion.
Within the same period, top Filipino-owned, publicly listed remittance service provider, I-Remit Inc. (PSE: I) posted a 12% growth, four times more than the growth of the whole industry. I-Remit attributes this to the significant increase in its remittance business turnover from Singapore, Hong Kong, Japan, Taiwan, Canada, United Kingdom, Saudi Arabia, Qatar, UAE, as well as its newest market, South Korea.
Given the rapid technological changes today, I-Remit continues to invest in and upgrade its infrastructure to ease the payment processes, bring down costs for remitters and strengthen security of its systems ensuring timely delivery of its services to Filipinos overseas and their loved ones in the Philippines.
On August 15, 2018, I-Remit has forged ties with San Francisco-based Fintech, Ripple. I-Remit transactions will move on the rails of RippleNet, a fast expanding global payments network of banks and other financial institutions. This collaboration is one of I-Remit’s pivotal strategies in achieving industry formidability via digital transformation, all geared towards boosting customer satisfaction.
The I-Remit-Travelex partnership, initially in Bahrain, was also officially launched on August 26, 2018. Filipino remitters in Bahrain will now enjoy the ease and convenience of sending and receiving money between Bahrain and the Philippines. Travelex, is a leading foreign exchange specialist and this new service will be accessible at all 25 branches across the Kingdom, including 5 airport stores. Founded in 1976, Travelex Worldwide is present in 70 countries across the globe. Preparations are now underway for this partnership with Travelex to expand to other countries worldwide.