I-Remit, Inc. [Read iRemit to open eight branches in Europe here ], the largest Filipino-owned non-bank remittance company, on Friday announced that it is seeking to expand its reach to Chinese nationals by venturing into the China [Read RP eyes China investments in energy, infra and electronics ] remittance corridor.

“It is high-time for the company to venture into this market,” said Bansan Choa, iRemit chairman and chief executive officer.

“We have to keep up with what is happening in various countries across the globe.  Right now, China is one of the strongest among the emerging economies. The huge potential that lies in the Chinese market is something that we simply cannot ignore. It is just too big an opportunity that we cannot afford to overlook,” he added.

China’s share of global remittances, particularly in Europe, is growing to cater to their increasing international requirements.  Choa noted that iRemit’s partnership with Bank of China shows the company’s commitment to future remittance flows of Europe-China business. [See Growing expat market in the Philippines brings more potential businesses here ]

Harris Jacildo, iRemit president and chief operating officer, meanwhile, said China holds a lot of promise not just for money remittance but for many businesses all over the world.

Presently, China ranks as the world’s largest economy next only to the United States and Japan.

“There is no better time than now,” he said.

“What we are trying to accomplish here is to take advantage of the emerging trend in the global market. At the rate that China’s economy is developing, one can only imagine the enormous potential that lies into tapping into this market,” Jacildo added.

iRemit aims to capture overseas Chinese workers,  even as it aims to continue serving the Filipino migrant market [See Successful players in OFW market share secrets here ] in Europe. “

“This expansion initiative should create more synergy between our major core remittance services and our Chinese remittance business,” said Choa.

It is estimated that there are over 200,000 Chinese currently residing in Italy with the majority of them concentrated in the major cities of Milan, Naples, Rome and Prato.

The largest Chinese community, which is comprised of about 25,000 people or roughly 15 percent of the city’s population, is situated in Prato. This number, combined with about 117,000 Filipinos throughout Italy, makes the Chinese and Filipino population the largest markets for iRemit’s remittance business in these areas.

Besides its new branch in Italy, iRemit is also scheduled other branch openings in Milan, Florence, Padua, Prato, Venice, Genoa and Naples.

At present, iRemit is present in 27 countries across Asia Pacific, North America, Europe, and the Middle East, while boasting of more than 5,000 payout partners in the Philippines.

 

I-Remit, Inc.
26/F. Discovery Center,
25 ADB Avenue, Ortigas Center,
Pasig City 1
(02) 706-9999 local 114
(02) 706-4808

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