Fintech offers peso payments for Filipinos studying abroad

Finance firm PETNET Inc., owned by Aboitiz-led City Savings Bank and Union Properties Inc., has partnered with global payments company Convera on a program that will allow Filipino university students overseas to pay their tuition using the Philippines’ local currency. The Convera Globalpay for Students platform enables users to select PETNET as the payment option in over 900 education institutions, processed through online banking or interbank transfer. Around 2,709 Filipino students, majority studying in Canada and Australia, can benefit from the platform, according to data from the United Nations Educational, Scientific, and Cultural Office (UNESCO), with the numbers expected to increase by 13 percent. “By directly remitting the payment to their chosen place of study, our service eliminates friction in the process caused by intermediaries that deduct conversion fees from your payments by giving you the opportunity to pay in PHP,” said PETNET President and CEO Ian Ocampo said that the service allows students, parents, and sponsors to directly remit their payments to the school without the hassle of conversion fees and deductions. “We want to make sure that our institution supports this growth, making Filipinos globally competitive through education. With strong support both from private and government, PETNET is proud to enable these young potentials who seek additional educational foundations outside the country,” Ocampo added. PETNET Forex Solutions, the corporate arm of PETNET Inc., Executive Vice President Dennis Catubay emphasized their aim to simplify payment procedures for Filipinos, and improve crossborder payment mechanisms. For their part, Convera Global Director of Product Nicola Bennett recognized the vitality of diversified e-commerce options, particularly to meet the financial needs of the growing number of students who are opting to study outside their country of origin. City Savings Bank and Union Properties Inc. are subsidiaries of Union Bank of the Philippines, which is the financial service business unit of Aboitiz Group. (Khriscielle E. Yalao)