Fintech eyes 20% share in remittance servicing from US

• Published date: 24 November 2022
• Publication title: Philippines News agency

A financial technology firm targets to increase its share in servicing remittances of Filipinos in the United States to as much as 20 percent within three years, following a tie-up with Sy-led BDO Unibank and after getting additional seed capital.

'Our goal is to go up 20 percent of the market long term. We think it's going to be three years from now. It could be quicker and it could be a little bit less depending on how successful we are at customer acquisition,' BayaniPay chief executive officer (CEO) Winston Damarillo said in a briefing.

The California-based neobank, which partnered with Southern California-headquartered East West Bank, was launched in March 2022 and targets to provide digital financial services initially to the around 4.2 million Filipinos in the US.

It recently raised additional USD4.5 million in seed funding from East West Bank, Wavemaker Partners and Talina Ventures Labs.

It also partnered with BDO to allow users of its mobile app to directly pay services in the Philippines through paycode technologies.

Damarillo said the use of paycodes will allow their users to easily do cross-border payments of bills...