December 10, 2019 – I-Remit Inc., a Filipino-owned money transfer service provider, has been authorized by the BSP (Bangko Sentral ng Pilipinas) to operate as an electronic money issuer.
With more than a thousand outlets in 23 countries across Asia Pacific, the Middle East, North America, and Europe, I-Remit is the biggest non-bank EMI listed in the Philippine Stock Exchange.
It is also a partner of Ripple Labs, a San Francisco-based company known for the development of the Ripple Payment protocol and XRP—the third largest cryptocurrency in market cap. This makes I-Remit a pioneer among Filipino companies that do cross border money transfers on a full blockchain.
One of the first partners I-Remit has secured on the RippleNet was MoneyMatch, Malaysia’s top international fintech company. The two companies piloted a payment transfer from Malaysia to the Philippines back in April 2019. The transaction was completed within seconds.
Even today, I-Remit continues to build partnerships on the RippleNet in order to extend its reach globally. Furthermore, it continues to invest in infrastructure upgrades in order to expedite payments, lower costs, and add more layers of security.
Several Filipino entrepreneurs and freelancers have fully embraced digital payments as these systems have exposed them to the global market. This gives a competitive advantage in selling their products and services, on top of residing in a country with relatively low cost of living.
Electronic money transfers from central bank have increased by 22.4 percent to a whopping P628.9 billion, according to a recent data report. This happened despite the fact that there is a 19.2 percent decline in the number of inflow and outflow transactions from January to June.
P459.86 billion of those transactions flow through banks while the rest (P169.02 billion) flow through non-banks.
As of now, there are 20 total non-bank EMIs approved by the BSP including Infoserve, SpeedyPay, Metrobank Card, Alipay Philippines, Grab’s GPay Network Philippines, DCPay Philippines, True Money Philippines, Wisecard e-Money Philippines, Airpay Technologies Philippines, MarCoPay Inc. and Tagcash Ltd Inc.
This article is published on BitPinas: I-Remit Secures EMI License