I-Remit says remittance growth up 12%

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I-REMIT, Inc. posted a 12% growth in personal remittances from overseas Filipino workers (OFW) as of July this year, outpacing the 3% recorded by the industry as reported by the Bangko Sentral ng Pilipinas.

The Filipino-owned remittance service provider said its growth was four times more than the industry, which the central bank placed at $18.5 billion, year to date.

“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,” it said on Thursday.

The publicly listed company said given the rapid technological changes, it 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 Aug. 15, I-Remit 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.

It said a partnership with Travelex was also officially launched on Aug. 26 initially in Bahrain. Filipino remitters in the gulf nation can now have the ease and convenience of sending and receiving money between Bahrain and the Philippines. Travelex is a foreign exchange specialist with presence in 70 countries.