MANILA — A Filipino-owned fintech company has processed more than US$1 billion in cross-border transactions since its founding a decade ago, reflecting the growing role of digital platforms in helping overseas workers send money to their families.
BCRemit, founded in 2016 by former overseas worker Oliver “Bong” Calma and his son, Jose Angelo “Gio” Calma, marked its 10th anniversary after processing more than 1 million transactions across 24 countries.
The founders built the company from their own experience with the cost and delays involved in sending money home. Their goal was to make remittances faster and more affordable for overseas Filipino workers.
“Our mission has always been to show that Filipino-led innovation can offer transformative solutions to the world,” said Oliver Calma, founder and CEO of BCRemit.
The company uses blockchain technology and US dollar-backed stablecoins to process cross-border transfers. It said its average transaction cost is about 1 percent, compared with a global average remittance cost of 6.4 percent.
BCRemit said its system can process transfers almost instantly, compared with the three to five days that traditional banking channels can take.
The platform supports transfers to Philippine banks, cash pickup locations, and e-wallets, including GCash and Maya. Through BCRemit Pay, overseas workers can also pay bills and government obligations, including Social Security System contributions, Pag-IBIG regular and MP2 savings, loan payments, property bills, and mobile top-ups.
The company also provides round-the-clock customer support for users who need assistance with remittance and payment transactions.
BCRemit expanded internationally with its entry into Spain in June 2021 through its licensed entity, BC Remittance S.L. It later entered Canada in January 2022 and the United States in August 2022.
The company is now expanding beyond individual remittances and developing payment services for small and medium-sized enterprises, business process outsourcing companies, and freelancers. It also plans to offer white-label payout integrations for financial institutions.
It is preparing to enter additional markets in the Middle East and Asia-Pacific, including Saudi Arabia, Australia, Japan and South Korea.
BCRemit operates under regulatory oversight from the Bangko Sentral ng Pilipinas, the UK's Financial Conduct Authority, Banco de España, FINTRAC and the Bank of Canada.
The company said it serves a market of more than 10.8 million overseas Filipinos worldwide. PR
