UBX targets OFWs in SG in doing business with ThitsaWorks

UBX Philippines Corp., a fintech company of the Aboitiz family, has entered into a partnership agreement with a foreign digital platform to enable online cross-border remittances between the Philippines and Singapore.

UBX has partnered with ThitsaWorks Pte. Ltd. , a fintech company backed by the Monetary Authority of Singapore, targets over 500,000 Filipinos in Singapore who send remittances. UBX did not disclose the value of the deal.

Under the deal, UBX will provide the infrastructure for remittances between Singapore and the Philippines via its banking-as-a-service platform.

John Januszczak, UBX’s president and CEO, said they entered into a deal to drive out competitors who send to rural areas and have complex, expensive and slow services.

Janushzak said that Filipinos who only have accounts with MFIs and rural banks may receive direct remittances from anyone in Singapore.

The CEO said he was “confident that this partnership will also accelerate financial inclusion in the Philippines by giving customers in all regions of the archipelago – regardless of rural or remote areas – access to secure, connected payments through any financial service provider including banks.” rural, cooperatives and other community financial institutions.”

The statement also quoted ThitsaWorks CEO Nyi Nyin Aye as saying he believes the deal will “positively impact the remittance challenges that many migrant workers in Singapore go through, which we witness on a daily basis”. No details were provided about these challenges.

UBX expects the deal to become effective in the first quarter of 2023. The company said there are approximately 600,000 overseas Filipinos in Singapore remitting approximately S$2.8 billion annually.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *