RP remittance firm to serve Chinese workers in the UK

MANILA, Philippines - iRemit Inc., the Philippines’ largest non-bank remittance company, entered into an agreement with the Bank of China, allowing it to serve Chinese nationals working in the United Kingdom (UK). The partnership with the Manila branch of the Bank of China (BOCMNL) also allows iRemit “to achieve [its] goal of expanding its business in mainland China," the company said in a disclosure to the Philippine Stock Exchange (PSE). The statement quoted Harris Jacildo, the company’s President and Chief Operating Officer. “This move signals a more aggressive expansion program for iRemit," Jacildo said. “Now, we are not just catering to Filipinos but to Chinese nationals around the globe. We’re expanding the scope of our capabilities to connect people and meet their remittance needs, paving the way to be a remittance provider of choice globally." The remittance agreement “will benefit thousands of customers based in the UK who wish to send remittances to their families in China," iRemit said. Besides offering same day processing of cash transfers, remittances “may be withdrawn from any of the Bank of China’s 12,000 domestic branches," the company said. Although it will be initially offered to customers in the United Kingdom, the arrangement will soon expand its coverage to clients in Canada and Australia. iRemit has remittance centers in 25 countries worldwide. The Bank of China Ltd. is one of the big four state-owned commercial lenders which has outlets in 26 countries including the Philippines, UK, Canada, Australia, France, Germany, among others. Shares of iRemit fell P0.05 to P3.85 apiece during Thursday’s trading at the PSE. - GMANews.TV