“Bizmoto” will initially be targeted at the thousands of ex-pat Filipinos living in Australia who want to send money to family and friends back home.
The Filipino remittance market sees around USD 1 billion transferred each year from Australia to the Philippines by the more than 160,000 Filipinos who reside there. The value of global international remittances to the Philippines exceeds USD 28 billion every year, according to Peppermint management cited by The West Australia.
Several financial institutions in the Philippines are already on-board for the project, including UCPB.
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