iRemit to open more branches in Singapore

MANILA, Philippines - Cash transfer firm i-Remit Inc. obtained regulatory approval to open more branches in Singapore as part of efforts to further expand its global footprint.

In a disclosure to the Philippine Stock Exchange, i-Remit said it had received the approval of Accounting and Corporate Regulatory Authority of Singapore for the registration of new wholly-owned unit I-Remittance Singapore Pte. Ltd.

The new subsidiary is aimed at strengthening i-Remit’s presence in Singapore.

I-Remit operates globally through a combined network of branches and tie-ups offering its products and services to overseas Filipino workers (OFWs).

It is present in 27 countries and territories in Asia Pacific, Middle East, Europe and Canada.

In the nine months ending Sept. 30 last year, i-Remit posted net earnings of P32.5 million, 43.8 percent lower than the P57.9 million recorded in the same period in 2012.  Revenue was flat at P593.5 million mainly due to lower foreign exchange gains.

Remittance volume fell by two percent to $1.2 billion with a bigger chunk of transactions coming from Asia Pacific (37 percent), Middle East (21 percent), North America (14 percent) and Europe (11 percent).

Transaction count, however, increased 6.7 percent to 2.42 million.

Incorporated in March 2001, i-Remit is primarily engaged in the business of fund transfer and remittance services both in the domestic and international markets.