WorldRemit picks Philippines as new regional center
MANILA, Philippines — London-based digital money transfer service provider WorldRemit has picked the Philippines for its new regional center in its bid to drive its next phase of growth.
The newly opened center in the Philippines, which is expected to create a hundred jobs by the end of 2019, will handle customer queries along with its existing operations in London and Denver ensuring round-the-clock service to WorldRemit customers from over 50 countries.
WorldRemit recently raised $40 million, which it intends to use to expand its mobile-first digital service into new markets as well as invest in its biggest market, the Philippines.
The investment comes at a time of significant company growth across the Asia Pacific region, which now accounts for more than 25 percent of WorldRemit’s global money transfers.
The Philippines remains WorldRemit’s largest receive market and the number of transactions has grown at more than 100 percent over last year.
The Bangko Sentral ng Pilipinas (BSP) sees cash remittances coursed through banks growing four percent to a new all-time high of $28 billion this year from the record $26.9 billion reported last year.
In the first nine months, cash remittances inched up 3.8 percent to $20.78 billion.
Michael Liu, regional director for Asia Pacific, said WorldRemit was founded to provide a better way for customers to send money home to their families and communities.
“This new funding will not only allow us to expand our network and service in the Philippines, but also build our regional center which will allow us to create more jobs for the country’s economy as well as improve our service to customers globally,“ Liu said.