BANK of the Philippine Islands (BPI) has partnered with digital payment services provider SingX Singapore Pte. Ltd. to provide migrant Filipinos in Singapore, Hong Kong, and Australia an additional remittance channel.
SingX clients can now transfer funds to their beneficiaries’ BPI accounts via its digital platform, BPI said in a statement on Monday.
There are no transaction limits, but there is a fee of S$3.75 per transfer.
Meanwhile, payments to Pag-IBIG and the Social Security System are free of charge.
“At BPI, we recognize the hard work and dedication of Filipinos abroad in supporting their families. Through our partnership with SingX, we are reaffirming our commitment to making banking and remittance services more accessible, cost-effective, and convenient, helping uplift the lives of our kababayans and their loved ones,” BPI Head of Strategy, Products & Support Group for Institutional Banking Joel A. De Vera said.
“SingX is a strategic partner for BPI because of its innovative technology, global reach, and customer-centric approach. Their platform allows Filipinos abroad to send money home seamlessly through a fully digital experience, aligned with BPI’s commitment to digitalization,” he added.
SingX users need to complete a one-time verification process before they can make transactions.
The payments services company is licensed in Singapore, Hong Kong, and Australia, where there are about 800,000 migrant Filipinos. Its products include international accounts, multi-currency wallets, collections, and payments to over 180 countries.
Cash remittances rose by 3.7% to $3.12 billion in September from $3.01 billion in the same month in 2024, latest central bank data showed. For the first nine months of the year, money sent home by overseas Filipinos increased by 3.2% to $26.03 billion from $25.23 billion a year ago.
Singapore is consistently one of the top sources of cash remittances.
BPI’s net income rose by 5.2% year on year to P50.5 billion in the first nine months of the year.
Its shares closed unchanged at P113 apiece on Monday. — AMCS
