MANILA, Philippines - Leading non-bank remittance firm iRemit is planning to establish presence in Vietnam and India (currently the world’s biggest recipient of remittance inflows) to further widen its reach and create new income streams.
“We have long been targeting India but just couldn’t penetrate it. We’re hopeful though it can still happen. They are a bit protective of their turf,” said Bansan Choa, chairman and president of iRemit on the sidelines of the company’s annual stockholders’ meeting yesterday.
There are only around 500 to 1,000 Filipinos living and/or residing in India.
According to a study by the Global Investment Bank, India would soon rise to become the world’s third largest economy next to the US and China.
India also has massive population of over one billion and has posted an average seven-percent GDP growth rate in the last decade.
Choa said the company is aggressively expanding to various markets across the globe with the aim of serving non-Filipino money senders as well.
“We want to be the trusted global brand among overseas workers, business professionals and expatriates of various nationalities,” he said.
Aside from India, iREmit is also looking at Vietnam as site for future expansion given the nation’s high economic growth.
Meanwhile, iRemit president Harris Hacildo said the company sustained its upward trajectory in the second quarter although at a slower pace.
iRemit doubled its net income in 2011 to P136 million, affirming its leadership in the non-bank remittance sector.
Hacildo said he expects full-year 2012 earnings to be better than last year with the expected contribution of the company’s partnership with
Bank Internasional Indonesia, one of Indonesia’s biggest banks by assets.
Under the deal, iRemit will provide modern, fast, and reliable money transfer services for Indonesians working or living abroad.