Philippine fintech PearlPay signed last January 23 a strategic partnership with Transfez, am Indonesian fintech firm focusing on cross-border payment solutions.
The partnership acknowledges a shared mission for both firms, catering to their countries’ foreign workers. According to the World Bank, the Philippines was the fourth top remittance recipient in the world in 2018, following only India, China, and Mexico.
Despite this, the Bangko Sentral ng Pilipinas found that only one-third of households receiving remittances allocate any portion towards savings, with a majority of remittances spent on day-to-day expenses and debt payments.
With the establishment of PearlPay Hong Kong last year, the local fintech aimed to service OFWs looking for an easier way to send money home. Now, through their recent partnership with Transfez, PearlPay is hoping to do the same for Hong Kong’s Indonesian workers.
Transfez will collaborate with PearlPay in helping Hong Kong’s 150,000 Indonesian migrant workers send remittances affordably, with real-time settlement, cash pick-up, and e-wallet top-up services.
According to Uniteller’s recent Asia Survey Report, 95% of Indonesian respondents claimed that the money they received significantly improved their quality of life, while 82% stated that they were able to meet essential costs that they may have not been able to pay.
“Through this partnership, we aim to provide a better way to send money that will help address the financial needs of not just the Indonesian workers but also their families,” PearlPay shared.