BPI and SingX Launch Real Time Remittance for OFWs in Key Markets
The Bank of the Philippine Islands (BPI) has entered into a partnership with digital payment services provider SingX Singapore Pte Ltd to offer real-time remittance services.
The collaboration specifically targets overseas Filipinos residing in Singapore, Hong Kong, and Australia.
Through this partnership, BPI clients can transfer funds directly to beneficiaries’ BPI accounts using SingX’s fully digital platform.
Joel De Vera, Head of Strategy, Products, and Support Group for Institutional Banking at BPI, stated that the initiative aims to make remittance services more accessible and cost-effective.
He added that the platform allows for a seamless digital experience, aligning with the bank’s digitalisation goals.
Operating with licenses in Singapore, Hong Kong, and Australia, SingX offers international accounts and multi-currency wallets. According to the announcement, the platform places no caps on transfer amounts.
However, a minimum fee of S$3.75 applies per transaction. Payments made to the Home Development Mutual Fund (Pag-IBIG Fund) and the Social Security System (SSS) are exempt from charges.
BPI noted that as of 2024, approximately 800,000 Filipinos live and work across the three covered regions.
De Vera emphasised that the partnership is intended to ensure overseas Filipinos have “modern solutions that make every transaction simpler, faster, and more meaningful”.
Featured image by RODWORKS via Freepik.
This article first appeared on Fintech News Singapore.
The post BPI and SingX Launch Real Time Remittance for OFWs in Key Markets appeared first on Fintech News Philippines.
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