I-Remit posts 12% hike in remittances

I-Remit Inc. posted a 12 percent growth in remittance inflows during the first seven months, four times more than the industry’s growth.

The company attributed this to the significant increase in its remittance business turnover from Singapore, Hong Kong, Japan, Taiwan, Canada, United Kingdom, Saudi Arabia, Qatar, UAE as well as its newest market, South Korea.

The Bangko Sentral ng Pilipinas reported a remittance growth of three percent in January to July. Year-to-date remittance inflows amounted to $18.5 billion.

These dollar remittances are from the country’s more than 10 million overseas Filipinos around the globe.

I-Remit said it would continue to invest in infrastructure to capture more remittance inflows.

Upgrading its infrastructure would ease the payment processes, bring down costs for remitters and strengthen security of its systems, ensuring timely delivery of its services.

I-Remit recently forged ties with San Francisco based fintech, Ripple.

With the agreement I-Remit transactions would move on the rails of RippleNet, a fast expanding global payments network of banks and other financial institutions.

This collaboration is one of I-Remit’s pivotal strategies in achieving industry formidability via digital transformation, all geared towards boosting customer satisfaction.