iRemit opens branches in Italy

ABS-CBN News

Posted at Jul 29 2011 12:32 PM | Updated as of Jul 30 2011 01:40 AM

MANILA, Philippines - I-Remit Inc., the country's largest Filipino-owned non-bank remittance firm, will open two branches in Italy as part of its aggressive expansion overseas.

iRemit said its unit iRemit Global Remittance Limited obtained authorization from the Financial Services Authority in London and Banca D'Italia of Italy to convert its office in Rome into a branch, which will start operations on August 1. Another branch in Milan will open in about two weeks, it added.

"These Italy branches will not only accept remittances from Filipinos sending to their beneficiaries in the Philippines, but also from Chinese nationals who will be sending to their beneficiaries in China," said iRemit.

The company said it hopes to capture a market of 175,000 Filipinos who reside in the cities and outlying areas of Italy as it continues to expand in the European country.

iRemit said it is also eyeing other parts of Europe after it received its license as an authorized payment institution under the European Payment Services Directive, a legislation adopted by the European Union that harmonizes all laws pertaining to payment services in the economic area.

"As an authorized payment institution, iRemit can exercise passporting rights and is entitled to conduct its activities by establishing money remittance branches and providing cross-border services in the 29 European states," it said, noting that there are almost 700,000 Filipinos residing in Europe.

iRemit currently operates in 26 countries worldwide.