Ayala-led Bank of the Philippine Islands (BPI) has entered the Japanese market with a remittance-focused representative office branch in Tokyo.
“Establishing a representative office will allow us to provide our hardworking countrymen in Japan easy access to remittance solutions and other BPI services,” said Roy Emil Yu, BPI Global Markets senior vice president and Remittance Business Division head.
“This will also open more doors for BPI for future partnerships in and around the region. Our hope is to serve more Filipinos around the world,” he added.
The first BPI representative office in Japan, which was launched on Wednesday, is located at the Roppongi district in Tokyo. The district is the hub of remittance and money transfer agents in Japan.
BPI said it partnered with several Japanese remittance and money transfer leaders to further position its solutions and services in the new market. The partners include the Speed Money Transfer Japan K.K., Japan Remit Finance, and Kyodai Remittance.
A representative office is much like an ordinary bank branch that offers different bank services, except that it does not register deposits of clients.
“Through the representative office, BPI seeks to address the primary concerns of our countrymen working and living in Japan by providing a presence in a key location, affordable remittance fees, competitive exchange rates, a hassle-free remittance process, tellers who are fluent in both English and Filipino, and fast transfer of funds to their beneficiaries in the Philippines,” the bank said.
“These funds can then be withdrawn from over 2,500 BPI ATMs nationwide with no charge, or through BPI’s network of more than 6,500 accredited outlets, as well as door-to-door delivery, and other easy methods,” it added.
BPI’s first semester net income decreased 33 percent to P8 billion from P12 billion a year ago due to industry-wide lack of one-time extraordinary trading gains.
BPI is the bank arm of conglomerate Ayala Corp. (AC). Founded in 1834 and incorporated in 1968, AC also has interests in water (Manila Water Company Inc.), telecommunications (Globe Telecom Inc.), real estate (Ayala Land Inc.), and business process outsourcing and education (LiveIt Investments), among others. AC is 50.56-percent owned by Mermac Inc., 10.52 percent by Mitsubishi Corporation and 38.92 percent by the investing public. Kristyn Nika M. Lazo