Leading Filipino non-bank remittance firm iRemit Corp. is acquiring up to 49 percent of Hwa Kung Hong Co. Ltd. (HKHC), a Taiwanese remittance company for NT$2.45 million.
In a disclosure to the Philippine Stock Exchange, iRemit said HKHC will become its partner in servicing the remittance needs of overseas Filipino workers (OFWs) in Taiwan.
HKHC is duly registered with the Central Bank of Taiwan and has branches in Taipei and Kaohsiung.
In spite of the global financial crunch, iRemit remains bullish on the prospects of the remittance business, setting aside P100 million to P150 million for its expansion this year.
iRemit is looking to expand in Italy, Greece, Germany, Macau and Ireland to boost revenues.
iRemit president Harris Jacildo said there are around 80,000 Filipinos working or living in Germany and some 60,000 Filipino seamen in Greece. In Ireland, there are an estimated 10,000 to 15,000 OFWs, comprised mostly of nurses.
Jacildo added the company has already applied for a license to set up business in Macau.
In the 10 months ending October last year, iRemit reported a 47 percent growth in remittance volume to $902 million, outpacing the growth of the entire remittance industry during the period.
iRemit, the fastest-growing Filipino remittance company, recently opened a new branch in Perth Australia. It operates in 25 countries worldwide with over 600 international partners and tie-ups and 4,000 payout and distribution centers in the Philippines.