iRemit expands its overseas presence via new Greece branch
Posted on August 29th, 2009
Expanding further its presence overseas and reaching to more Filipino overseas workers, the largest non-bank Filipino-owned remittance company, iRemit Inc. has entered a joint venture agreement with Greece’s Elite Exchange Remittance Services S.A. to provide remittance services to Filipino workers in the country.
iRemit, in a disclosure to the Philippine Stock Exchange, said the Elite Exchange is a company under the supervision of the Bank of Greece and is engaged in money remittance and foreign exchange trading. Its head office is located in Ambelokipi, Athens, an area with a high concentration of Filipinos.
Statistics from the Philippine Embassy show that there are about 40,000 Filipinos in Greece.
iRemit has presence in 27 countries across Asia Pacific, North America, Europe and the Middle East. In the Philippines, it has almost 5,000 payout partners.
It was also reported recently that the company opened a new branch in Edmonton, Canada, its fifth outlet in the country. Located in West Edmonton Mall, the largest shopping mall in North America and the fifth largest in the world, the Edmonton branch targets Chinese Nationals in the area, while continuing to serve Filipinos working there.
In opening their Edmonton branch, iRemit entered into a special agreement with the Bank of China Ltd. (BOC), one of China’s four state-owned commercial banks which provide a range of high-quality financial services. The bank has numerous branches in every major continent outside of mainland China.
With the agreement, beneficiaries may claim their remittance within the same day from any of BOC’s over 12,000 domestic branches.
Looking forward to explore more overseas opportunities, iRemit is also securing a license to operate in Italy and Macau. To tap a wider market, the company also launched three major products, which are the ShopNPay, Visa Card and IShop.
