MANILA, Philippines – Publicly listed i-Remit, Inc., the largest non-bank remittance company in the country, will start operating out of Italy this August as part of its expansion in Europe.
I-Remit disclosed to the Philippine Stock Exchange on Friday that it recently acquired authorization from the Financial Services Authority in London and Banca D’Italia of Italy to operate branch offices in Rome and Milan.
The office in Rome will open its doors on August 1 while its Milan branch will start operations in about two weeks, the disclosure said.
“These Italy branches will not only accept remittances from Filipinos sending to their beneficiaries in the Philippines but also from Chinese nationals who will be sending to their beneficiaries in China,” the disclosure.
I-Remit is also seeking new offshore markets even within the region. It noted that the enactment of the Payment Services Act of Japan in 2010, for instance, has paved the way for the entry of non-bank money remittance companies.
The disclosure said i-Remit has also begun the process of obtaining authorization from the Japanese Financial Services Agency to conduct business as a money remittance company through a wholly owned subsidiary.
“Given the positive trend and continuous employment in well-paying industries by developed economies, i-Remit, Inc. will continue to transform itself into a globally-competitive organization providing world class remittance and payment services to the global Filipino,” the disclosure said.
In Europe, i-Remit estimates that there are almost 700,000 Filipinos, at least 200,000 of whom are in the United Kingdom, while an estimated 175,000 were in the cities and outlying areas of Italy particularly in Rome, Milan, Florence, Bologna and Naples.
Its wholly owned subsidiary IRemit Global Remittance Limited (IGRL) recently received its license as an authorized payment institution under the European Payment Services Directive, legislation adopted by the European Union that harmonizes all laws in the European Economic Area pertaining to payment services.
As an authorized payment institution, IGRL can exercise “passporting” rights and is entitled to conduct its activities by establishing money remittance branches and providing cross-border services in the 29 European Economic Area States namely: Austria, Belgium, Bulgaria, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
“With this passporting rights, i-Remit, Inc.’s current remittance outlets in Europe has been re-organized to further boost its presence and in keeping with its commitment to provide quality, efficient and affordable remittance channels and services to overseas Filipinos,” the disclosure said.
Initially serving four countries from its inception in 2001, i-Remit now operates in at least 26 countries and has developed its infrastructure by offering real-time remittance services.
I-Remit initially offered traditional remittance channels: direct credit-to-bank-account, door-to-door, branch pick-up and direct pay-to-biller. By 2007, it launched its own VISA-powered debit card which was primarily issued to beneficiaries whose cards were linked to their remitters abroad for easier purchasing of goods from card-accepting merchants.