Wells Fargo keen on taking in new partners in PHL

Washington-based Wells Fargo & Company intends to take in more partners well-entrenched in the Philippines market, its biggest in terms of remittance volume, a ranking official said Thursday.

 

The money transfer firm considers the Philippines one of the most important remittance corridors in Asia from the US, Wells Fargo global remittance services group head Daniel Ayala said in a media briefing in Makati City on Thursday.

 

"We have the highest transaction volume in the Philippines – above China, India, Vietnam... Value-wise, it ranks in the top three," he noted.

 

But the strategy Wells Fargo is pursuing involves partnering with banks and other financial institutions than opening an office in the Philippines, Ayala said.

 

This makes it more cost-effective in terms of infrastructure and, at the same time, broadens its market.

 

"If you try to build, you're going to have to start from zero and you're going to have to compete with established brands and infrastructure," he said.

 

"When you have a very solid infrastructure like in the Philippines, why would you want to start from scratch instead of partnering with institutions?" he said.

 

Wells Fargo opened an office in the Philippines in 1901 to handle money, valuables and goods shipped by sea transport. It closed its worldwide express business in 1918, while its banking service continued with foreign correspondent banks in Asia.

'Always evaluating ideas'

 

So far, Wells Fargo partnered with Bank of the Philippine Islands, BDO Unibank Inc., Metropolitan Bank and Trust Company, Philippine National Bank, M. Lhuillier and Cebuana Lhuillier as part of its remittance network.

 

Asked whether Wells Fargo will take in more partners for remittance service, Ayala said they are continuously on the lookout for possible partnerships.

 

"At this stage we don't, but we're always evaluating ideas. There's always somebody talking to us about an idea. We're always open," he said.

 

"We don't always partner with everyone, we are very selective. We want to partner with someone who is established," he noted.

 

Among the main criteria Wells Fargo is looking at in a partner is stability, reputation and quality, Ayala said.

 

"If we can get those three things correct, we will partner. It will also be cost effective. One key thing is, we're not exclusive," he added. – VS, GMA News