I-Remit Beyond Remittances
I-Remit is the largest non-bank Filipino-owned remittance company. Its vision is 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.
Early in its history, I-Remit’s pioneering undertakings in the local remittance industry have gained recognition.
It became the first remittance company to be registered with the Board of Investments as an information technology service firm in the field of IT services.
I-Remit is known for having revolutionized the remittance industry by employing the latest in IT technology and utilizing the Internet platform making it possible to cut down the usual remittance period to only seconds. The nationwide coverage of I-Remit’s Door-to-Door remittance mode reaches more beneficiaries than other remittance companies with an area spanning 17 regions, 80 provinces and 138 cities and municipalities in the country.
The Remittance Pick-up is an alternative service mode where beneficiaries in the Philippines can claim remittances from any of I-Remit’s more than 17,000 designated pick-up centers nationwide within 24 hours after receipt of the remittance from its foreign offices. I-Remit also opened new remittance corridors by introducing Notify to Foreign, a method of remittance from one country to another. Both Filipinos and non-Filipinos abroad can remit money from their country of origin to selected countries where the designated beneficiaries can pick-up the proceeds from an I-Remit office.
In 2004, it was cited by the Asian Development Bank as a significant non-bank player in the remittance industry and its I-Remit Visa Card was regarded as an innovation. It is the fastest remittance service mode that features real-time crediting of remittances from abroad. It enables both senders and beneficiaries to easily withdraw cash from more than 14,000 BancNet, Megalink and Expressnet ATMs in the Philippines. It also provides global access to over 2,000,000 Visa ATMs in more than 200 countries and territories worldwide.
In 2007, I-Remit became the first publicly-listed remittance company through its successful initial public offering in the Philippine Stock Exchange.
It has about a 7.0 percent share of remittance inflows into the country.
I-Remit was named the 2011 Most Innovative Company by Asia CEO for having revolutionized the local remittance business by being the first to utilize the Internet platform in providing remittance services.
It has taken another major step in its drive to be a global player in June 2012, when I-Remit sealed a strategic partnership with Bank Internasional Indonesia that will allow remittances from Indonesian workers since it is poised to be a major player in the global labor export market. In 2008, I-Remit also forged a similar partnership with the Bank of China to service the remittance needs of overseas Chinese in Europe.
Aside from physical expansion into different national territories, I-Remit has also embarked on using innovative technology to allow its customers to utilize alternative remittance channels that allow easier and faster fulfillment of remittance transactions.
During the same year, I-Remit introduced another innovation called iDOL, which stands for I-Remit Direct Online, an online remittance facility that seeks to complement the company’s brick-and-mortar outlets and allow customers to conduct remittance transactions through the use of any Internet-enabled device.
iDOL was initially launched in Canada, where using the Internet for sending money has proven to be a huge convenience to its large migrant population owing to the nation’s vast territorial expanse and seasonal extremes. I-Remit also aims to introduce the new remittance platform to Filipinos in other countries that has large Filipino communities.
I-Remit currently maintains its presence in 26 countries and territories throughout the world through its network more than 1,000 remittance outlets consisting of subsidiaries, joint ventures, strategic partnerships, and tie-ups.
The company continuously seeks ways to improve its business processes to offer a wider set of alternatives, and better products and services to its customers. I-Remit maintains one of the widest and diversified networks for service fulfillment in the Philippine remittance industry through its partnership with commercial banks, thrift and rural banks, and pawnshops. It provides continuous 24×7 customer service support through its team of customer service officers and call center agents.
I-Remit is also one of the major players in ensuring that Filipinos overseas continue to have access to the government’s social security and development programs such as those administered by Social Security System (SSS), Home Development Mutual Fund (Pag-IBIG), and Philippine Health Insurance Corporation (PhilHealth). These are vital for ensuring that OFWs have the necessary social and financial support mechanisms when they eventually go home. I-Remit also works closely with these government agencies in disseminating information about these programs. For its efforts, I-Remit has reaped awards from these government agencies.
I-Remit has also partnered with Jollibee Foods Corporation to deliver gifts to OFW beneficiaries since the focus on the family is a very important Filipino value. Since most of an OFW’s earnings are earmarked for basic needs, I-Remit also allows OFWs to pay their real estate amortizations, insurance premiums and pre-need plans.
In conducting its business, I-Remit is fully aware that it must also contribute to the betterment of Filipino society. Its corporate social responsibility program, iCare, is focused primarily on youth education. It is a constant contributor in sponsoring scholars of the Tuloy Aral project of the Overseas Workers’ Welfare Administration. It has also partnered with non-governmental organizations such as Synergeia, OWWA Tuloy Aral Project and Operation Blessing (700 Club).
Through its reliable network of offices around the world and continuing innovation, I-Remit continues to serve the needs of overseas workers worldwide in pursuit of its vision of being a truly global player.
Vision and Mission
To be the ultimate choice remittance service provider globally.
- To foster enduring customer relationships by providing excellent products and services.
- To nurture mutually-rewarding business partnerships.
- To promote an empowered work culture that inspires adaptability, innovativeness and dynamism in our human capital.
- Registered with the Securities and Exchange Commission on March 5, 2001
- Started commercial operations in Hong Kong as Lucky Star Management Limited on November 11, 2001
- Engaged IRemit Singapore Pte. Ltd. and Hwa Kung Hong & Co. as I-Remit Agents in Singapore and Taiwan respectively
- Started commercial operations in Canada as International Remittance (Canada) Ltd.
- Engaged agent-partners in Australia
- Engaged tie-ups in Bahrain, Qatar and UAE
- Opened I-Remit offices in United Kingdom and Australia
- Engaged agents and tie-ups in Ireland, Spain and Italy
- Engaged agents and tie-ups in Brunei, Lebanon and The Netherlands
- Launched the I-Remit Visa Card and was recognized by the Asian Development Bank as an innovative product offering
- Obtained certificate from the Bangko Sentral ng Pilipinas (BSP) as a Remittance Agent pursuant to Monetary Board Resolution No. 75
- Engaged agents and tie-ups in Bermuda, Israel and Saipan
- Signed agreement with United Coconut Planters Bank (UCPB) as a remittance service fulfillment partner
- Engaged tie-ups in Jordan
- Celebrated its 5th Year Wood Anniversary
- Facilitated membership collection facility for OFWs with Pag-IBIG (Home Development Mutual Fund)
- Signed agreement with Chinatrust Commercial Bank as a remittance service fulfillment partner
- Opened I-Remit office in New Zealand
- Engaged agents and tie-ups in Malaysia and Marshall Islands
- Started commercial operations in Austria as IREMIT EUROPE Remittance Consulting AG
- Listed in the Philippine Stock Exchange (PSE) as the first and only remittance agent in an Initial Public Offering (IPO)
- Signed agreement with Bank of China for Europe-China remittances
- Facilitated membership collection facility for OFWs with SSS (Social Security System)
- Signed agreement with PNB (Philippine National Bank) as a remittance service fulfillment partner
- Engaged agents and tie-ups in Greece
- Acquired 49% of Hwa Kung Hong & Co. Ltd. (Taiwan)
- IREMIT EUROPE Remittance Consulting AG obtained approval from Banca D’Italia Eurosistema to provide money transfer services
- Forged marketing alliance with Jollibee Foods Corporation (Jollibee Padala)
- Introduced electronic online collection facility for overseas Filipinos jointly with Pag-IBIG
- Forged marketing alliances with Automatic Centre and Home Shopping Network
- Opened I-Remit offices in Rome and Milan (Italy)
- Signed agreement with Industrial and Commercial Bank of China (ICBC) for Europe-China remittances
- Awarded as Top Non-Bank OFW Collection Agency by SSS
- Facilitated membership collection facility for OFWs with PhilHealth (Philippine Health Insurance Corporation)
- Completed additional 35% equity acquisition in Worldwide Exchange Pty Ltd. Australia
- Obtained approval as an Authorized Payment Institution (API) from the UK Financial Services Authority for IRemit Global Remittance Limited
- Partnered with CBN Asia / The 700 Club for corporate social responsibility projects
- Forged marketing alliances with Insular Life, Savers Appliance Depot, Airphil Express and Loyola Plans
- Registered with the Financial Services of Japan as a money remittance company under the corporate name K.K. I-REMIT JAPAN
- Awarded as Top Non-Bank OFW Collection Agency for the 2nd straight year by SSS
- Awarded 2011 Best Collecting Agent by PhilHealth
- Awarded 2011 Most Innovative Company by Asia CEO Awards
- Opened I-Remit offices in Tokyo and Nagoya (Japan)
- I-Remit Direct OnLine (iDOL) was launched in Canada and Singapore
- Signed agreement with Bank Internasional Indonesia (bii) for overseas Indonesian market remittances
- Partnered with Kabalikat ng Migranteng Pilipino (KAMPI) and Kabalikat ng OFW (KOFW) for corporate social responsibility projects
- Signed agreement with Bank of Commerce and Sterling Bank of Asia as remittance service fulfillment partners
- Received approval from the Financial Services Authority (UK) to operate in Ireland and Germany
- Awarded as Top Non-Bank OFW Collection Agency for the 3rd straight year by SSS
- Awarded as 2012 Asia CEO Finalist for Most Innovative and Technology Leadership Team of the Year
- Forged marketing alliances with Duty Free Philippines and Zalora Philippines
- Forged marketing alliances with Nestle Health Science, Pinoy Health Plus, Pioneer Life, DragonPay and COL Financial Group
- Partnered with Advancement of Workers Awareness Regarding Employment (AWARE), Kapisanan ng mga Kamag-anak ng Migranteng Manggagawang Pilipino Inc. (KAKAMMPI), Kalahi Advocates and Kaibigan ng OCW for OFW Pre-Departure Orientation Seminar (PDOS)
- I-Remit Direct OnLine (iDOL) was launched in Hong Kong, Japan and United Kingdom
- Signed agreement with Palawan Pawnshop as a remittance service pick-up center
- Signed agreement with CIS Bayad Center for bills payment services
- Signed real estate collection agreements with Megaworld Corporation, Suntrust Properties and Century Properties
- Conducted the Be F.I.T. (Financially Intelligent and Trained) Seminar in Hong Kong and Taiwan
- Awarded as Outstanding Remittance Service Provider by Kapisanan ng mga Kamag-anak ng Migranteng Manggagawang Pilipino Inc. (KAKAMMPI) during its 3rd Gawad Parangal
- Opened the Pag-IBIG Help Desk in K.K. I-REMIT JAPAN – TOKYO
- Awarded the SSS Hall of Fame for being the Top Non-Bank OFW Collection Agency for three consecutive years (2010-2012)
- Co-published the book Working Overseas: Diaspora that Sustains the Nation with University of Asia and the Pacific – Center for Research and Communication
- Conducted the Be F.I.T. (Financially Intelligent and Trained) Seminar in New Zealand, Australia and Singapore and Taiwan
- Engaged tie-ups in Oman and Kuwait
- Signed collection agreements with Healthway Medical, Medicard Philippines, Generika Drugstore and Hi-Precision Diagnostic
- I-Remit Direct OnLine (iDOL) was launched in New Zealand and Australia
- Signed collection agreements with Ortigas & Company, Wee Community Developers and Pacific Avelex Realty
- Asia CEO names a special category after OFWs aptly titled I-Remit Heart for OFWs Award 2015
- I-Remit inks an Agreement with Pag-IBIG for the latter’s Pag-IBIG Loyalty card with I-Remit giving its cardholders up to 25% discount on remittance service fees
- I-Remit, together with NGOs KAMPI and Kabalikat ng OFWs sponsors CBN Asia’s Search for Huwarang OFW Family
- Philhealth recognizes I-Remit as its top collection agency for operational efficiency
- Bangko Sentral ng Pilipinas has chosen I-Remit as this year’s recipient of Outstanding Respondent for Coordinated Direct Investment
Investment Survey (CDIS)
- Signed Real Estate collection agreement with Amaia Land Corporation, Avida Land Corporation, and Bellavita Land Corporation (subsidiaries of Ayala Land, Inc.)
- Conducted the very first Be F.I.T. (Financially Intelligent and Trained) Philippine Edition on April 9 at the University of Asia and the Pacific. Two more sessions were conducted, one in Binan Laguna and another one in St Luke’s Henry Sy Auditorium.
- Signed Real Estate collection agreements with 8990 Holdings, Inc., Astoria Vacation and Leisure Club, Inc., RCD Land, Inc., Bleaushea Properties Corporation, Merrytown Properties Corporation, and Ferris Sobell Properties, Inc.
- Singapore Foreign office became a wholly owned subsidiary of I-Remit, Inc. on July 1, 2016
- I-Remit and Sterling Bank of Asia formed a strategic partnership for the acceptance and service fulfillment of remittance transactions from OFWs in the Kingdom of Saudi Arabia thru FAWRI Money Transfer Services, the retail money transfer arm of Bank AlJazira
- Asia CEO nominated I-Remit for CSR Company of the Year and our Chairman Bansan C. Choa for the Global Executive of the Year
- Received the Gawad Sulo Award from the Construction and Real Estate Association in the remittance category
- Received the Haligi Award from the Philippine Marketing Association (PMA)
- Engaged 2 new partners namely, Kids World (Home Schooling) and Maxicare.