MANILA, Philippines - Listed I-Remit, Inc. has beefed up its money remittance business after sealing a deal with pawnshop operator Eight Under Par, Inc. (Palawan Pawnshop).
"The agreement allows a tie-up of the two companies in effectively and efficiently distributing remittances originating from foreign sources, i.e., Filipino workers, immigrants and other nationalities abroad, to designated beneficiaries in the Philippines," I-Remit said in a disclosure on Wednesday.
Palawan Pawnshop, which has been in the money remittance business since 2003, has over 800 branches in 45 provinces nationwide. The firm is registered with Bangko Sentral ng Pilipinas as a pawnshop, foreign exchange dealer, money changer, and remittance agent.
I-Remit, which focuses on servicing remittance needs of Filipinos around the globe, has presence in 24 countries and territories.