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April 21, 2024

Neobank linked to BDO set to capture as much of the $12B remittance market in the US

In a little over a week, the neobank BayaniPay will begin servicing the remittance needs of migrant professionals, especially the country’s overseas Filipino workers (OFW) in the United States.

The digital bank represents the collaboration between the Talino Venture Labs, the venture capital firm Wavemaker Group, the Asian American multimedia publisher The Asian Journal, the Filipino-owned supermarket chain Seafood City as well as BDO Unibank.

Asian Americans in the United States are some of the largest concentrations of people anywhere in the world and the Filipino component of that group is estimated to remit $12 billion annually, Javier Bengzon, associate digital marketing director at Talino Labs told Bankero.com.ph

As the service comes onstream, BayaniPay effectively serves the digital banking needs of Asian Americans whose purchasing power is estimated to be worth $145 billion annually, Bengzon added.

Because TalinoLabs has partnered with BDO Unibank, the remittances of overseas Filipinos will be in the hands of their recipients in the Philippines within 12 hours from the time the money is sent, he said.

“With BayaniPay’s zero-fees, direct fund transfers, and market-leading exchange rates, Filipino recipients will receive more money from every remittance. The service will especially benefit recipients of regular remittances and charitable donations,” Javier added.

BayaniPay’s digital banking operations in the United States is supported by the California-headquartered East West Bank.