I-Remit sets up E-Commerce unit

MANILA, Philippines — Filipino-owned non-bank remittance provider I-Remit Inc. has set up a wholly owned subsidiary to venture into retail and wholesale trading as well as e-commerce.

I-Remit has incorporated Global Hapimart E-Commerce Inc. to complement its remittance business.

The new unit will have an authorized capital stock of P1 million, of which I-Remit will be subscribing to 600,000 common shares with the par value of P1 per share.

Out of the total subscription, I-Remit shall pay P63,000, while the remaining balance shall be payable upon the call of the board of directors of Global Hapimart.

The Bangko Sentral ng Pilipinas (BSP) has given I-Remit the green light to venture into virtual currency exchange and to operate as an electronic money issuer amid the rising number of Filipinos embracing digital payments.

I-Remit is the largest non-bank remittance service provider listed in the Philippine Stock Exchange (PSE) with a growing network of more than 1,000 outlets consisting of subsidiaries, branches, agents and tie-ups in 23 countries and territories in Asia Pacific, North America, Europe, and the Middle East.

It continues to invest in and upgrade its infrastructure to ease payment processes, bringing down costs for remitters and strengthening the security of its systems.

I-Remit launched its online facility, IREMITX, in Canada, Singapore, Japan, UK and soon in Hong Kong and Taiwan. It also partnered with San Francisco based fintech Ripple, making I-Remit the first Filipino company to move money across borders on a full blockchain.

The initial partnership I-Remit has forged on the RippleNet is with Malaysia’s Top International Fintech MoneyMatch. I-Remit has a wide and diversified network for service fulfillment in the Philippine remittance industry now totaling 18,000.

Latest data from the Better Than Cash Alliance (BTCA) showed the share of digital payments to total transactions in the Philippines jumped to 10 percent in terms of volume 2018 from only one percent in 2013, and to 20 percent in terms of value from only eight percent.

The BSP launched the National Retail Payment System (NRPS) in December 2015 to raise the share of cashless transactions to 50 percent by 2023 from the previous level of one percent in 2013.