i-Remit sees doubling of net income this year

Cash transfer firm i-Remit Inc. sees its profit doubling this year as it expands further its global footprint by setting up shops in certain areas in Europe.

“We’re looking at doubling last year’s net income and we are so far on track,” iRemit president Harris Jacildo told reporters during a cocktail party hosted by the company for stakeholders Friday night.

The company posted P77.55 million in net profit attributable to equity holders last year, lower than the P136.4 million registered in 2009.

This year, Jacildo said, net profit was expected to bounce back to the level seen in 2009.

i-Remit chairman Bansan Choa said the company was planning to gain a foothold in more European states. It recently applied to operate in the Netherlands, Austria, Ireland, Germany, France and Switzerland.

The company’s wholly owned subsidiary, IRemit Global Remittance Ltd. (IGRL), recently received its license as an authorized payment institution under the European Payment Services Directive, a legislation adopted by the European Union that harmonizes all laws in the European Economic Area pertaining to payment services.

As an authorized payment institution, IGRL can exercise “passporting” rights and is entitled to conduct its activities by establishing money remittance branches and providing cross-border services in the 29 European Economic Area States.

iRemit, the largest non-bank Philippine-based remittance firm, was recently authorized by the Financial Services Authority in London and Banca D’Italia of Italy to operate an office in Rome as a branch. Another branch in Milan is also scheduled to open this month.

Choa said the company had already applied to use its passporting rights in more European states, whether to set up a branch or appoint an agent in those states.—Doris C. Dumlao