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Fintech wants a 20% market share in US remittance servicing.

Following a partnership with Sy-led BDO Unibank and after receiving more seed financing, a financial technology company aims to raise its stake in processing Filipino remittances to the US to up to 20% within three years.

“Our long-term objective is to increase market share by 20%. We predict that it will happen in three years. Depending on how effective we are at acquiring customers, it might be quicker or a little bit less, BayaniPay CEO Winston Damarillo stated during a conference.

Launched in March 2022, the California-based neobank joined East West Bank, which has its headquarters in Southern California. Its initial target market is the approximately 4.2 million Filipino Americans living in the US.

Recent seed funding from East West Bank, Wavemaker Partners, and Talina Ventures Labs totaled an extra USD4.5 million.

Additionally, it collaborated with BDO to make it possible for users of its mobile app to pay for services directly in the Philippines using pay code technologies.

According to Damarillo, the use of pay codes will make it simple for customers to make cross-border payments for bills, school fees, medical costs, and real estate-related costs.

To open digital bank accounts with a Visa debit card in the US through East West Bank, the fee-free digital-only bank now offers through BDO.

According to Ferdinand Bacungan, senior vice president and business development head for remittance at BDO, remittances are anticipated to increase more as economies continue to open up.

The Bangko Sentral ng Pilipinas (BSP) expects inflows from Filipinos living abroad to increase by 4% this year.

According to Bacungan, “We’re doing significantly better than the BSP’s 4 percent growth (goal).”

However, he said that some abroad Filipino workers typically increase the frequency of sending money to their beneficiaries. He claimed that they have not yet noticed an influence of the acceleration in the inflation rate on the volume of remittance inflows to the Philippines.

More employees are now sending more frequently than once each month, he continued.

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This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

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