Puregold to enter remittance business

Retail tycoon Lucio Co-led Puregold Price Club Inc. seeks a piece of the lucrative cash remittance industry in the country with the creation of a new subsidiary that will engage in this new business called “Purepadala Inc.”

Puregold disclosed to the Philippine Stock Exchange on Monday that its board of directors had approved the incorporation of this new subsidiary, which will enter into a partnership with banks, financial institutions, and other financial technology (fintech) entities.

The new subsidiary Purepadala is “intended to operate a cash remittance business for the benefit of the customers and shoppers of Puregold group of companies,” the disclosure said.

But before operating as such, Puregold will undergo the regular process, and seek approval from regulatory government agencies, the disclosure said. /kga