iRemit inks deal with Bank of China

Filipino-owned non-bank remittance firm iRemit Inc. has inked a remittance agreement with the Manila branch of Bank of China Ltd.

Under the deal, iRemit will offer same day processing of remittance transactions to beneficiaries in China that may be withdrawn from any of Bank of China’s over 12,000 domestic branches.

The service will initially be offered in the United Kingdom, to be followed in Canada and Australia.

“This partnership with Bank of China is instrumental for iRemit to serve the needs especially of the Chinese customers based in the United Kingdom for fast and reliable remittance services and to achieve iRemit’s goal of expanding its business in mainland China,” said Harris Jacildo, president and chief operating officer of iRemit.

“This move signals a more aggressive expansion program for iRemit. Now, we are not just catering to Filipinos but to Chinese nationals around the globe. We’re expanding the scope of our capabilities to connect people and meet their remittance needs, paving the way to be a remittance provider of choice globally, “ he added.

Meanwhile, in the seven months ending August this year, iRemit reported a 56-percent jump in remittance volume to $630 million, exceeding the industry’s growth rate of 18.2 percent.

Jacildo said the company continues to forge strategic partnerships and alliances, both locally and internationally, to further expand its reach. It also intends to open branches in new markets such as Macau, Italy and the United States.

Given the company’s strong performance, iRemit officials are confident the firm will meet or even exceed its income/revenue target this year due to the opening of new foreign offices in Austria, Australia, and Hong Kong. The company is also banking on the new strategic partnerships entered into with agents in Brunei, Qatar, Malaysia and Jordan.

Last year, iRemit posted a net profit of P113.29 million or more than double the P42.49 million recorded in 2006, mainly due to higher remittances from overseas Filipino workers.

iRemit currently operates in 25 countries across Asia Pacific, North America, Europe and the MIddle East. – Zinnia dela Peña