iRemit branches in Rome, Milan to open in August

Homegrown non-bank remittance company I-Remit Inc. is set to offer its services in Rome and in Milan in August. In a statement to the Philippine Stock Exchange on Friday, iRemit said its branch in Rome will open its doors on August 1, 2011, while its Milan branch will open in about two weeks. "These Italy branches will not only accept remittances from Filipinos sending to their beneficiaries in the Philippines but also from Chinese nationals who will be sending to their beneficiaries in China," iRemit said. There are about 700,000 Filipinos in Europe. At least 200,000 are in UK while an estimated 175,000 reside in the cities and outlying areas of Italy particularly in Rome, Milan, Florence, Bologna and Naples. The company's wholly-owned subsidiary, IRemit Global Remittance Limited has been granted a license as an authorized payment institution under the European Payment Services Directive. As an authorized payment institution, IGRL can exercise "passporting" rights and is entitled to conduct its activities by establishing money remittance branches and providing cross-border services in the 29 European Economic Area States. In Asia, iRemit said it has begun the process of obtaining authorization from the Japanese Financial Services Agency to conduct business as a money remittance company through a wholly-owned subsidiary, following the enactment of the Payment Services Act of Japan in 2010, which opened the country for the entry of non-bank remittance companies. - CMA/OMG, GMA News