iRemit expands money transfer service to non-Filipinos

Filipinos in Ireland, Germany, and the Netherlands may soon transfer their monies to dependents in the Philippines through iRemit, which handled $1.4 billion of the $20.1 billion that flowed through formal channels last year.   Also in the works is iDOL–iRemit Direct Online–to be launched initially in Canada, and slated as well for Australia, New Zealand, UK, and Japan.   iRemit chairman and CEO Bansan C. Choa said Thursday the license to do business, given by the Financial Services Authority of the United Kingdom, enabled them to set up a branch in Ireland.   In the works are business offices in Germany and the Netherlands where regulatory applications are pending.   iRemit "hopes to earn a slice of the pie of other remittance corridors around the world by offering its services to migrant workers of other nationalities.   The remittance firm opened offices in the major Japanese cities of Tokyo and Nagoya last March 24.   Choa noted iRemit also started serving the money transfer needs of the Chinese in Italy.   Market diversification covering Indonesians is in the offing and likely to roll out in the next few months.   Other nationals in the cross hairs of iRemit’s diversification program are the Myanmarese, the Choa noted.   The Chinese are the world's second largest remitters at $51 billion.   While the company now operates in 25 countries across the globe, Choa said it would take a year for iRemit to garner substantial flows from new markets.   He also noted remittance growth from highly-skilled overseas Filipino workers. —VS/ELR, GMA News