I-REMIT Inc. said its subsidiary in Europe has signed an agreement with a remittance company in Georgia to expand its market in Greece. In a statement, the Philippines’ listed non-bank remittance company said I-Remit Europe Remittance Consulting AG signed a collaborative agreement with MFO Intel Express Georgia (Intel Express), which is licensed by the National Bank of Georgia.

Under the agreement, Intel Express will receive remittances from various Filipino immigrants and workers in Greece while iRemit will distribute the remittance proceeds to their beneficiaries in the Philippines.

“The remittance fulfilment services that we will provide in collaboration with Intel Express will benefit the Filipinos living and working in Greece,” Harris Jacildo, iRemit president and chief operating officer said.

Greece, which borders the Black Sea, has an estimated population of 5 million, with 3.5 million of its citizens residing and working mostly in other European countries.

According to statistics from the Philippine Embassy, there are about 40,000 Filipinos in Greece—70 percent of whom are sea-based and 30 percent, land-based. Among the land-based Filipinos, 78.1 percent are female. Filipinos are among the most highly educated foreign workers in Greece.

Jacildo said the alliance would serve not only to service the needs of Filipinos in Greece but also embark on a new remittance corridor wherein iRemit will also accept remittances going to Georgia.

Bansan Choa, iRemit chairman and chief executive officer, said the company is positioning itself to open other remittance corridors.

“This partnership with Intel Express is very strategic as it boosts iRemit’s efforts to offer remittance services, not only for the Philippine corridor but for other countries as well. The unparalleled remittance services that we provide for Filipinos abroad will be extended to other nationalities,” Choa said.

iRemit and Intel Express agreed to open other mutually-interesting corridors between European countries—UK, Italy, Austria—and the former Soviet Union countries such as Armenia, Moldova, Azerbaijan, Russia, Ukraine and other countries.

“With a shared roadmap and with both companies’ long-term commitments, our respective customers can expect fast and cost-effective remittance services,” said Choa.

iRemit is present in 27 countries spanning the territories of Europe, North America, Middle East, Asia and the Pacific.
Maricel E. Burgonio