Pasig—(PHStocks)—Sterling Bank of Asia and I-Remit Inc. (PSE: I) signed a partnership agreement for the acceptance and fulfillment of remittance transactions of overseas Filipino workers (OFWs) in the Kingdom of Saudi Arabia. Earlier, Sterling bank signed a memorandum agreement with FAWRI Money Transfer Services, the retail money tranfer arm of Bank Aljazira for a remittance tie-up in the Kingdom of Saudi Arabia.
Saudi Arabia hosts the most number of OFWs estimated at PhP1.2 million.
Bank Aljazira is one of the largest banks in Saudi Arabia that provides banking services and solutions in compliance with Islamic Sharia. It provides a wide range of products and services including personal, commercial, corporate, investment and private banking. As of December 31, 2015, it has SAR 63.3 billion in total assets and operates a network of 76 branches in the kingdom.
In 2015, Bank Aljazira’s Fawri Money Transfer Services won the Best in Remittance-Middle East award from Islamic Business and Finance Awards 2015. The prize was awarded by CPI Financial Group global affairs for exceptional performance and growth of the international Islamic business and finance community during its 10th anniversary. FAWRI has 31 remittance centers in Saudi Arabia.
Sterling Bank is recognized as one of the biggest and fastest growing thrift bank in the country with total assets of PhP30.9 billion and operates a network of forty two (42) branches. It has been awarded for three straight years with the Outstanding PhillPass Servicing Customer Payments for Thrift Bank Category by the Bangko Sentral ng Pilipinas (BSP). It started its banking operations in March 2007. From the outset, the bank positioned itself as a retail and small and medium enterprise (SME) – oriented bank that is geared up to address the business and financial needs of the middle market, with areas of expertise in middle market credit, transaction processing, information access and funds management.
I-Remit is the largest Filipino-owned and publicity listed non-bank remittance service provider. It operates in 26 countries around the world through its wholly-owned subsidiaries, associates, affiliates, tie-ups and agents consisting of more than 1,400 remittance centers and outlets worldwide. It is an affiliate of Sterling Bank and is also registered with and supervised by the Bangko Sentral ng Pilipinas (BSP).
Under this arrangement, I-Remit will be the fulfillment partner of Sterling Bank in the Philippines for the crediting of bank accounts, cash pick-up from its more than 17,000 integrated pay-out centers, cash delivery (door-to-door). OFWs in Saudi Arabia will also be able to remit their contributions or payments to government agencies like the SSS, PAG-IBIG, and PhilHealth.