BayaniPay Inc., a California-based neobank launched March 17, reduces cross-border remittance costs for Filipino-Americans and other migrant professionals sending funds home by doing away with transaction fees. READ:
Through a partnership, clients of the digital-only bank will also be able to transact at any of the branches of“We call it omniservice, where any customer can walk into [our bank] and get the same exact service as anyone else” said Parker Shi, East West Bank executive vice president and chief operating officer. “We are looking at not only doing business in the US, but also serving Filipinos from the Philippines.
The neobank reduces 30% of the friction cost of sending funds home by removing the transaction fee for the service, and only earning a margin on its “market-leading” exchange rates. Other remittance firms charge for both. Apart from cross-border remittance payments, BayaniPay offers direct digital cash payments and EWB-powered debit cards. An emergency credit line is also in the pipeline.
“We co-designed this with merchant partners,” added Mr. Damarillo, describing the neobank’s direct pay function that it “copied” from Philippine e-wallets like GCash and PayMaya:present your QR code to the cash registerSeafood City, the largest Filipino-owned supermarket chain in the US, and BDO Unibank are among BayaniPay’s partners., moved to the US two decades ago to follow his now-wife, as well as to realize the American Dream.
“My parents put together all their dollars, sent me off to the airport, and wished me good luck,” he said. “[Mine] is not an uncommon story… The US delivered. I’m among the four million Pinoys in the US who have become an important part of the economy.”, reflecting improving employment prospects abroad despite recent surges in coronavirus disease 2019 infections.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Politics and market sentiment - BusinessWorld OnlineONE MINOR TOPIC in political discussions, below the impact of surveys and endorsements, is the effect of a candidate on the investment climate should he be elected as leader. Market sentiment embraces the investment climate and the projected regulatory regime, based on characteristics and policies of candidates like integrity, transparency, and the acceptance of a free-market regime and a vigorous private sector.
Read more »
Duterte nixes fuel tax suspension - BusinessWorld OnlinePHILIPPINE President Rodrigo R. Duterte rejected calls to suspend the excise tax on fuel products amid soaring pump prices, and instead approved the Finance chief’s recommendation to extend the P200 in monthly aid to poor families for a year. READ:
Read more »
BSP unlikely to move in lockstep with Fed - BusinessWorld OnlineThe Bangko Sentral ng Pilipinas (BSP) does not have to follow the US Federal Reserve’s rate hike, but is keeping a close eye on inflation risks, BSP Governor Benjamin E. Diokno said. READ:
Read more »
PHL 5G users see greatest speed uplift among peers — Opensignal - BusinessWorld OnlineFIFTH-GENERATION (5G) network users in the Philippines experienced the greatest uplift in terms of average download speeds versus 4G across 10 Asia-Pacific (APAC) markets, including Thailand, Taiwan, South Korea, and New Zealand, the UK mobile analytics company Opensignal Ltd. said in its latest analysis.
Read more »
A Renewed Commitment to Living Well - BusinessWorld OnlineAs it celebrates 20 years of serving the upscale real estate market this year, Alveo continues to meet the evolving demands for homes and communities that enable prime living experiences. Grounded on Ayala Land’s excellence in well-planned and integrated mixed-use developments, Alveo Land remains committed to innovating vibrant communities that pave the way for living and working well.
Read more »
Energy efficiency companies want their projects to qualify under BOT law - BusinessWorld OnlineENERGY efficiency entities have asked the Public-Private Partnership (PPP) Center to include energy efficiency and conservation (EE&C) investments to the list of qualified projects under the Republic Act 6957 or the Build-Operate-Transfer (BOT) Law, in order to facilitate the industry’s access to private-sector financing.
Read more »