iRemit inks agreement with Indon banking giant

MANILA, Philippines - Leading remittance firm iRemit has inked an agreement with Bank Internasional Indonesia, one of Indonesia’s biggest banks by assets, to provide modern, fast, and reliable money transfer services for Indonesians working or living abroad.

Bank Internasional Indonesia is 97.4 percent owned by Malayan Banking Berhad, the largest financial services group in Malaysia.

The partnership gives iRemit access to overseas Indonesians and their beneficiaries through Bank Internasional’s 368 branches and more than 1,190 ATMs.

The Philippines and Indonesia have large populations of overseas workers and expatriates. Both countries are also listed among the world’s biggest recipients of remittance inflows, with the Philippines receiving $21.3 billion and Indonesia receiving $7.1 billion, according to the 2010 Migration and Remittances Factbook of the World Bank.

iRemit chairman and chief executive officer Bansan C. Choa said the firm is aggressively scaling up its presence worldwide, particularly in areas where there are large concentrations of Filipinos.

 “This alliance contributes to iRemit’s growing international stature as a trusted global brand among overseas workers, business professionals, and expatriates of various nationalities,” Choa said.

iRemit is also negotiating a partnership with a bank in Myanmar to tap the remittance corridor of this promising Southeast Asian nation.

In March, the company opened new offices in the cities of Tokyo and Nagoya in Japan.

In Europe, iRemit is currently setting up a branch in Ireland and will soon open branches in Germany and the Netherlands, where it has already filed applications to obtain regulatory approval.

iRemit, the country’s largest Filipino-owned money transfer company with presence in 24 countries, doubled its net income in 2011 to P136 million, affirming its leadership in the non-bank remittance sector.

In the first quarter, iRemit posted net earnings of P33.4 million, up 17.6 percent from the previous level.

Among iRemit’s top five markets are Singapore, Canada, Australia, United Kingdom and Taiwan.