I-Remit, the largest Filipino-owned non-bank remittance service provider was recently featured in ANC’s Company Call to talk about the remittance trends and expansion plans.
Here is a brief summary of the media interview:
From ABS-CBN News.com
I-Remit diversifies to cushion vs dollar volatility
MANILA- I-Remit Inc. has moved to diversify its currencies and instruments to reduce any effects of the volatile US dollar to its operations.
“As I-Remit has been doing for the last two years, we have already started to open up to other markets,” Bansan Choa, chairman at I-Remit, told ANC.
Choa explained the firm started operations in China last year through an agreement with Industrial and Commercial Bank of China (ICBC) and in Indonesia last month through Bank Internasional Indonesia.
The firm is now getting remittances from different countries and sending them back to China or Indonesia, Choa said.
“With that, we should be able to cushion our conversion from Philippine peso because we have more currencies right now that we are trading,” Choa pointed out.
At the same time, he said “on top of that, we have already tried to amend our articles so we should be able to do forward and other type of derivatives when it comes to trading our foreign currencies.”
I-Remit, which focuses on servicing remittance needs of Filipinos around the globe, has presence in 24 countries and territories.