I-Remit registers new unit in UK, eyes expansion into European markets

Philippine Daily Inquirer, Monday, April 25, 2011
By Doris Dumlao

MANILA, Philippines -- Cash transfer firm i-Remit Global Remittance Ltd. has made inroads into Europe with the registration in the United Kingdom of a new unit, which can be its passport to enter other European markets.

I-Remit disclosed to the Philippine Stock Exchange on Monday that the UK's Financial Services Authority had approved the registration of i-Remit Global Remittance Ltd. (IGRL), a wholly owned subsidiary of the corporation, as an authorized remittance firm.

The disclosure said IGRL could exercise "passporting" rights and would be entitled to carry on its activities in other states within the European Economic Area (EEA) by establishing branches or providing cross-border services.

"The corporation intends to utilize the passporting rights of IGRL to reorganize its current remittance outlets in Europe consisting of its subsidiaries in Austria (with branches in Italy) and its tie-up arrangements in Ireland, the Netherlands, Spain and Greece," the disclosure said.

There are 29 EEA states with passporting rights: Australia, Belgium, Bulgaria, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Germany, Greece, Hungary, Malta, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.

The new iRemit unit will operate under the framework of the European payment services directive, a legislation adopted by the European Union setting a legal framework for payments within the EEA that aims to harmonize laws across Europe pertaining to the provision of payment services, including money transfer services.

Founded in 2001, i-Remit is the largest Filipino-owned non-bank remittance company in the Philippines.