China Bank beefs up remittance business

MANILA, Philippines — China Banking Corp. is further beefing up its global remittance business through a partnership with a leading financial technology (fintech) service business in Thailand.

The bank, owned by the Sy family, has broadened its global tie-ups by partnering with DeeMoney via the RippleNet platform.

The partnership is expected to help facilitate fast and convenient remittances from Filipinos based and working in Thailand to the Philippines.

The partnership with DeeMoney, with its specialized expertise in international money transfers will enable China Bank to offer online and real-time remittance service through the DeeMoney app.

Overseas Filipinos can choose from different modes when sending money either through credit to a China Bank account, credit to other Philippine bank accounts, as well as credit to e-wallets such as GCash and Maya.

Furthermore, senders could opt for cash pick-up from any branch of China Bank or its domestic remittance partners including MLhuillier, Cebuana Lhuillier, LBC and Palawan Express.

Remittance through DeeMoney is sent and received in real-time.

However, credit to bank account transactions in excess of P50,000 will be available to beneficiaries on the next banking day.

RippleNet is a globally recognized cross-border payment solution using blockchain technology.

Aside from DeeMoney, China Bank’s remittance partnership with Qatar National Bank (QNB), the largest financial institution in the Middle East and Africa, and Mobile Money in Malaysia, are also onboard via RippleNet.

The bank provides a full range of banking products and services to corporate, commercial, and retail customers through 648 branches and 1,070 ATMs to date, including the 165 branches and 201 ATMs of China Bank Savings.

China Bank also offers a wide range of allied financial services through its subsidiaries China Bank Capital, China Bank Securities, China Bank Insurance Brokers, and affiliate Manulife China Bank Life.