Xpress Money eyes tie-ups with rural banks
By: Michelle V. Remo
Philippine Daily Inquirer
7:31 pm | Sunday, June 10th, 2012
Xpress Money targets to serve in at least 1,500 more locations in the
Philippines in 2012 through partnerships with rural banks in Luzon,
Visayas and Mindanao.
MANILA, Philippines—Xpress Money, a global money transfer firm, seeks to
expand its presence in the Philippines by entering into partnership
deals with rural banks nationwide.
Joel Candy, head of the company's business development in Asia-Pacific,
said Xpress Money was targeting to serve in at least 1,500 more
locations in the country this year through partnerships with rural banks
in Luzon, Visayas and Mindanao.
Candy said the company believed that entering into partnerships with
rural banks was a prudent way to expand its business given the
significant number of households in the provinces that receive
remittances from family members working offshore.
Currently, Xpress Money operates in the Philippines through partnerships
with several banks and non-bank institutions, including Metrobank, Banco
de Oro, Chinabank, I-Remit, Cebuana Lhuillier and GCash.
It has operations in 125 more countries, including those where there are
huge concentrations of overseas Filipino workers (OFWs) like countries
from the Middle East.
Through the facility of Xpress Money, OFWs and other money senders from
abroad who have beneficiaries in countries like the Philippines are able
to remit the funds. The beneficiaries pick up the remittances from the
bank and non-bank partners in the recipient country.
"We want more distribution points and penetrate the market more," Candy
told the Inquirer Sunday during the opening of its Overseas Filipino
Workers Center in Manila. The OFW Center, the company's corporate social
responsibility project, is a venue for educating remittance-dependent
households on savings and investments.
The expansion plans of Xpress Money come amid its positive outlook on
remittances. Candy said that despite the ongoing global economic
uncertainties, brought about by the prolonged debt crisis in the
eurozone, remittances to the Philippines are expected to continue growing.
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