BPI, SingX team up to boost OFW remittance service
Bank of the Philippine Islands (BPI) and Singapore-based digital payments provider SingX have launched a new digital payment service to allow overseas Filipino workers (OFWs) to transfer funds directly at any time.
The SingX platform enables direct transfers to BPI accounts for over 800,000 OFWs in Singapore, Hong Kong and Australia.
“At BPI, we recognize the hard work and dedication of Filipinos abroad in supporting their families,” Joel de Vera, BPI head of strategy, products and support group for institutional banking.
“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 (countrymen) and their loved ones,” he added.
In an August report, payments giant Visa said 74 percent of Filipinos send money digitally, while 66 percent prefer to receive funds digitally. This, according to Visa, drives the usage of digital remittances in the Asia Pacific.
Meanwhile, the Bangko Sentral ng Pilipinas reported that nearly three of every five transactions in the Philippines had been done digitally in 2024.
“By leveraging partnerships like this, BPI ensures that our overseas Filipinos have modern solutions that make every transaction simpler, faster, and more meaningful,” De Vera added.
Users can sign up on the app or website, complete identity verification, add recipients and make payments via bank transfer or PayNow, with no transaction limits. Payments to Pag-IBIG and Social Security System are free, while other transactions carry a minimum fee of 3.75 Singapore dollars.
