Metrobank to Expand Remittance Business, Partners with 13 Foreign Entities

Metrobank has reportedly partnered with 13 foreign entities to expand its remittance business in the international market.

In its expansion efforts, the company entered into remittance alliances with Buckzy Payments Inc., Chime Inc. (Sendwave), Finshot Inc., Gmoney Trans Co. Ltd, Japan Remit Finance Co. Ltd, NBL Money Transfer Pte Ltd, and NBL Money Transfer SDN BHD.

The bank has also partnered with Orient Exchange Co. (HK) Ltd., The Commercial Bank of Qatar, Tranglo Pte Ltd, Transferto Mobile Financial Services LTD, Viamericas Corp., and Western Union Network (Canada) Co.

Metrobank’s subsidiaries engaged in the remittance business include Metro Remittance (Hong Kong) Ltd., Metro Remittance (Singapore) Pte Ltd, Metro Remittance (UK) Ltd, Metro Remittance (USA) Inc., Metro Remittance (Japan) Co., Ltd, and Metro Remittance (Italia) Spa.

Currently, Metrobank has over 142 remittance partners across 26 countries and territories abroad as they serve roughly 10 million families via their payroll and remittance offerings.

In 2021, Metrobank increased the facilitation of its remittances by 14.5%, or $7.9 billion.

Furthermore, to support its Filipino users abroad, Metrobank has five branches located in New York, Taipei, Tokyo, Osaka, and Seoul.

The BSP predicts that OFW remittances will grow by 4% this year, a slight drop from last year’s growth as countries begin easing their COVID-19 restrictions. Last year, personal remittance numbers reached an all-time high after growing 5.1% to a record $34.88 billion.

Source: Philstar