I-REMIT reports 12% growth, signs Ripple and Travellex deals

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • Personal remittances sent by Filipinos working abroad outpaced the 3% growth recorded by the country’s central
  • I-REMIT Inc. posted on its website that fund transfers to the country resulted in its revenue growth
  • The remittance brand has made $18.5bn as of September 2018

Philippine-registered money transfer brand I-REMIT just reported 12% growth in remittances received from Filipinos abroad. Bangko Sentral ng Pilipinas, the country’s central bank, says that the company has already made a whopping $18.5bn as of September 2018. The remittance brand’s data outpaced the 3% growth recorded by the Bangko Sentral, an indicator that the country’s remittance inflow will grow more in the coming months.

According to I-REMIT, their growth is attributed to the money sent by Filipinos living and working in Saudi Arabia, Qatar, UAE, the UK, Canada, Hong Kong, Singapore, Japan and Taiwan. The company also noted that South Korea is its newest market.

With the competitive money transfer services market in mind and the rapid technological advancements that the country’s remittance infrastructure is experiencing, the remittance brand tells reporters that it will continue to invest in its own infrastructure to make it easier for Filipinos to send money home. Fintech observers of the Philippine finance ecosystem note that investments like these will also make it more convenient for residents of Philippine to send money abroad.

I-REMIT aims to bring down money transfer costs, according to a report by Business World. Apart from this, the company also wants to ensure that its platform is secure. It has been strengthening its security protocols since its inception.

In mid-August, the Filipino company inked a deal with San Francisco-based blockchain specialist Ripple Labs. The deal will make it possible for I-REMIT to move funds using Ripple’s network.

I-REMIT also signed a partnership agreement with Travellex. This deal resulted in the launch of

I-REMIT services in Bahrain, one of the gulf nations where many Filipinos work.

To get more information about international money transfer services based in Asia, check this link regularly.


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