Remitly eyes to increase PHL market share to 40%

Seattle-based remittance firm Remitly is looking at expanding its market share in the Philippines as it banks on the growth of remittance transactions in the country.

Remitly vice president for Global Business Development Gene Nigro said the remittance company is planning to increase its market share to 40 percent from the current 16 percent in the "next four years."

"You see the [Philippine] market is going up 8 percent a year. It’s only a matter of time," Nigro said.

"The volume is going to grow. The more countries that we have, from where you send and where you receive, the more volume that we have. So the volume is going to skyrocket," he said.

To date, over $2 billion have been sent to the Philippines through Remitly's money transfer platform.

In order to achieve its market share growth, Nigro said Remitly will build brand awareness.

"We build our brand awareness. We advertise, we promote. Our relationship with BDO, Metrobank, M Lhuillier, Cebuana, build it. Build the brand awareness," he said.

"Also, we’re always looking for new partners. But they have to have outstanding reputation. They have to have compliance controls," he added. —KG, GMA News