I-Remit Chairman and CEO Bansan C. Choa is Asia CEO Forum Speaker




“I-Remit’s future direction emanates from its vision: “To be the ultimate choice remittance service provider globally.” I-Remit pursues this vision and relentlessly relies on the innovative drive of the organization to be able to provide more meaningful and more accessible services to its customers.
The company has also achieved more success than its non-bank competitors as it has the ability to create its own markets. This means that I-Remit is quick to recognize emerging trends and capitalize on these to complement its core business. This emanates from the many years that it has operated in the Philippines as well as in its many host countries globally and its intimate knowledge of overseas Filipino workers and their needs.
Great efforts must be exerted by the government and the private sector to help OFWs and their families make better use of remittances by building up savings and directing these into investments in small and medium-scale enterprises that, in turn, can generate more jobs. In doing so, OFWs can participate more meaningfully in Philippine economic development.
I-Remit has already set its sights on the larger market global remittance market.
Though comprising still a small part of its core business, I-Remit has already embarked on tapping various remittance corridors around the world involving Filipinos and non-Filipinos as well. An example of such a remittance corridor would be Filipinos in Canada remitting money to a relative in Hong Kong. I-Remit has also forged alliances with banks such as the Bank of China and Bank Internasional Indonesia for the remittances of overseas Chinese and Indonesians to their homelands.
Consider these: One million retirees bringing in 1,500 dollars per month translate into 18 billion dollars of remittances into the country, roughly 90 percent of the remittances of OFWs today.
I-Remit intends to capitalize on this market considering that it has established its presence in many countries with graying populations and the partnerships and alliances it has with Philippine banks, real estate developers, and government agencies.
These opportunities that I have just described are just examples of how I-Remit creates its own markets and uses the innovative drive of its organization to be the successful Filipino remittance company that it is today.
Let me end by stating that it is our fervent hope that the government will continue to provide the needed support for the continuing development and success of the remittance industry in the country not only with respect to Filipino workers abroad but also for the yet untapped potential presented by other markets. ”