Businessman Ben Tiu has acquired an additional 19% stake in leading remittance service provider I-Remit Inc. with a commitment to obtain an additional 10% in the near future.
This transaction increases Tiu’s ownership to 29.68% once all shares have been finalized, solidifying his position in the company.
I-Remit has established itself as a trusted and efficient provider of money transfer services, catering to the needs of overseas Filipino workers (OFWs) and migrants seeking secure and cost-effective remittance options to the Philippines.
The company offers various transaction methods, including bank deposits, cash pick-up, and door-to-door delivery, and has an extensive network of partnerships with major banks and remittance networks across the country.
Tiu, currently serving as the vice chairman of the board of directors and CEO of I-Remit, brings a wealth of experience to the company. Having been a director since 2001 and previously serving as chairman and CEO from 2001 to 2004, he believes that now is an opportune time to expand I-Remit’s service portfolio and market presence.
“I-Remit is strategically positioned to capitalize on the increasing global demand for overseas Filipino workers, the growing trend of globalization, and the government’s focus on financial inclusion,” said Tiu.
He highlighted that I-Remit recently obtained full eligibility from the Bangko Sentral ng Pilipinas (BSP) to participate in the InstaPay and PESONet Automated Clearing House, significantly expanding the company’s footprint.
Tiu noted that the remittance business is just one facet of the broader fintech industry. He said the Philippines has experienced notable growth in areas such as digital payments, peer-to-peer lending, crowdfunding, and mobile banking.