South American dLocal enters PH remittances mart
Nasdaq-listed financial technology player dLocal has acquired a license to operate in the Philippine market, allowing it to facilitate remittances.
The South American company said it was granted a money services business license in the country that receives a substantial amount of remittances from overseas Filipino workers.
It has also recently secured licenses to operate in the United Arab Emirates (UAE) and Turkey.
“Expanding our licensed footprint in key high-growth markets like the UAE, Turkey, and the Philippines is essential to our mission of unlocking the power of emerging markets and connecting financially underserved populations to the global digital economy,” dLocal CEO Pedro Arnt said.
“It demonstrates our commitment to operating under the highest standards of trust and compliance, providing our global merchants with the secure and reliable access they need to reach billions of consumers,” he added.
The cross-border payment platform entered the local market amid the strong inflow of remittances.
According to the Bangko Sentral ng Pilipinas, Filipinos abroad sent $12.37 billion in January to April, showing 3-percent growth from last year in the same period.
The bulk or 40.4 percent of the cash remittances were from the United States. This was followed by Singapore (7.3 percent), Saudi Arabia (6.3 percent), Japan (5 percent), United Kingdom (4.5 percent) and United Arab Emirates (4.5 percent).
The fintech player provides 900 local payment methods over 40 countries across Asia Pacific, Middle East, Latin America and Africa. It enables merchants to accept payments via digital wallets, instant payment networks and bank transfers, among others.
Earlier this month, dLocal also announced its partnership with global payment platform Juspay to support enterprises. The partnership will allow clients to avail of the following products: credit cards, bank transfers, e-wallets, real-time payments and cash-based solutions.
