IRemit targets new markets, sets up branches in Ireland, Germany

Local money transfer firm IRemit Inc. is expanding its operations in two continents to widen its reach and find new avenues to growth.

In a statement on Friday, IRemit said it would tap new markets this year, adding to the 24 countries it already serves, in line with the company’s efforts to reduce its reliance on remittance flows to the Philippines.

“Overseas Filipino worker (OFW) remittances make up the core of IRemit’s business, though, presently, there is also an increase in interoffice transactions outside the Philippines,” IRemit chair and CEO Bansan Choa said.

IRemit is present in 24 countries including Japan, United Kingdom, Singapore, Australia, Canada and China.

This year, the company said it had set up shop in as many as five new markets.

“In Europe, the company is currently setting up branches in Ireland and soon to follow are branches in Germany and the Netherlands,” the company said.

The new German and Dutch branches would be opened as soon as the company secures the required government green light.