iRemit strengthens presence in Europe

MANILA, Philippines - I-Remit Inc., the country’s largest non-bank Filipino-owned remittance company, is fortifying its presence in Europe with plans to open more branches in major cities in the region.

In a disclosure to the Philippine Stock Exchange, iRemit said it intends to open new branches in Milan, Florence, Padua, Plato, Venice, Genoa and Naples, in a few weeks.

iRemit president and chief operating officer Harris Jacildo said plans also include the opening of branches in France and Switzerland in line with its strategy to tap the fast- growing European OFW market,

“This ambitious plan to open branches in the region simultaneously and aggressively pursue opportunities in other territories is a very strategic move that characterizes iRemit as an industry trailblazer,” Jacildo said.

Bansan Choa, chairman and chief executive officer of iRemit, said it was high time for the company to move into previously unchartered territories to take advantage of opportunities to expand the business and extend its target market to include more Filipinos and other nationals.

Jacildo said the company is also set to open more branches in its current areas of operation, a move that is expected to strengthen the company’s position as a major player in the industry.

Choa is currently in Paris personally scouting for locations to serve remitters in France. The Filipino and Chinese community is the biggest remittance market in the European areas. Negotiations are also underway leasing branch locations and the recruitment of staff.

Last month, the company opened its first branch in Italy in Rome upon obtaining its license from the Banca D’Italia Eurosistema to provide money transfer services in the country. The Rome branch opened strong as remittance service fees were reduced by 50 percent with higher exchange rates. The Filipinos in Rome eagerly anticipated the entry of iRemit because the company is known for fast delivery and low fees.

“We want to make sure our business ingress is well received. We also want to offer a diverse portfolio of remittance services suitable for different market segments,” said Choa. There are over 117,000 Filipinos in the country based on the most recent figures from the Commission on Filipinos Overseas.

Founded in 2001, i-Remit is the largest Filipino owned non-bank remittance company in the Philippines. It is present in 27 countries in North America, Asia Pacific, Europe and the Middle East with over 5,000 payout partners nationwide.