BPI partners with WorldRemit to offer instant money transfers to the Philippines
New partnership expands remittance options for the Filipino diaspora
Manila and London, 11 September 2017: Leading digital money transfer service WorldRemit and the Bank of the Philippine Islands (BPI), one of the most trusted financial institutions in the Philippines, have partnered to enable 2.4 million Filipinos working abroad and over ten million in the broader diaspora to send money to the Philippines as easily as sending an instant message.
BPI has been a long-time champion of financial inclusion and pioneered much of the rural banking seen across the Philippines today. Its extensive branch network has more than 800 branches and over 2,000 ATMs in the Philippines.
Since starting its operations in the country in September 2011, WorldRemit customers have completed 4.5 million money transfers to the Philippines - making it the largest receive market for the company globally. 160,000 transactions are now sent every month to the Philippines via the WorldRemit app or website.
Globally, WorldRemit customers send almost 700,000 transfers every month to over 140 destinations. The company is currently processing 74% of all transfers to mobile money accounts coming from money transfer operators, according to 2016 GSMA data.
Remittances play a critical role in the Philippines’ economy. The World Bank reports that in 2015 almost $30 billion was received in overseas remittances, making up roughly 10% of the country’s annual GDP.
Ismail Ahmed, CEO & Founder at WorldRemit, comments: “As our largest receive market globally, our partnership with BPI in the Philippines demonstrates our commitment to furthering the service we offer to members of the Filipino diaspora.”
“Filipinos in the diaspora will now be able to make secure, instant money transfers from the ease of their phones or personal computers directly to loved ones back home, further supporting the transition from costly offline remittances sent from bricks and mortar agents to safer, faster and lower cost online transfer methods.”
Melinda Dulay, Head of Inward Remittance at BPI, added: “Our focus is to make the experience of our Overseas FIlipino remitters simpler and easier by providing innovative solutions. The partnership with WorldRemit allows us to continue expanding our international funds transfer service offerings to better serve Filipinos around the world.”.
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