Paris, 7 November 2013
Significant expansion of key Philippines remittance receiving market.
eServGlobal announces a new agreement for the HomeSend remittance service between its strategic business partner BICS and M Lhuillier, the largest Money Transfer Organisation in the Philippines.
Through connection to the HomeSend hub, M Lhuillier users will be able to receive remittances from key sending markets in the UK, Europe, US, Canada, GCC Countries, Japan, Malaysia and Switzerland. The first corridors are expected to go live in January 2014. M Lhuillier has over 1,600 branches throughout the Philippines allowing their users to easily cash-in, cash-out and transfer money around the country.
The Philippines is regarded as a ‘cradle’ for innovative mobile money and money transfer services in emerging markets, it is home to some of the earliest and most successful mobile money services in the world. Filipino’s have been quick to embrace new technology and the advantages it brings.
The Philippines is also one the largest recipients of international remittance in the world. Nearly 1 in 10 Filipino’s live and work outside the country, with a significant proportion of them regularly remitting money back to their family in the Philippines. The World Bank recently reported that the Philippines will receive an estimated US$26 Billion in remittances in 2013. It is the third highest remittance receiving nation in the world behind India and China.
Paolo Montessori, CEO and Managing Director, eServGlobal, said “The story of HomeSend’s success continues to spread and we welcome M Lhuillier to our extensive list of hub members. The Philippines is an important receiving market for HomeSend and we are proud to be working with innovative organisations like M Lhuillier. “
This year we have continued to announce new members for HomeSend, the hub like nature of our service means that with each new member we extend our reach and therefore create value for all existing members. Along with our efforts to grow the hub, we are continuously rolling out new live corridors and we are are confident that we will meet our goal of 50 live corridors before the end of 2013.”
HomeSend is a service offered by BICS, eServGlobal’s strategic business partner and is based on eServGlobal technology.