Luup has signed a partnership with Metropolitan Bank and Trust Company (Metrobank), one of the largest banks in the Philippines. The partnership extends Luup’s international remittance solutions for banks to enable distribution of funds to beneficiaries through Metro Bank in the Philippines.
Overseas Filipino Workers (OFW), of whom over 2 million are based in the Middle East, can now send funds using their mobile phone to their families back home. Transactions will be initiated by customers of Luup banks, processed through Luup and paid out, utilizing Metrobank’s network of over 500 branches and over 1,100 ATMS across the country.
According to the Central Bank of the Philippines, OFWs remittances from the Middle East amounted to upwards of $2.5 billion in 2008. ‘This is an increase of 14% over 2007 numbers,’ comments Richard So, senior VP, Metrobank.
‘Filipinos are savvy mobile users, and in general have adopted mobile payment technologies ahead of other markets, in order to make person-to-person payments and mobile top-up transactions. With our new partnership with Luup, OFWs can now have a hassle-free and secure way of sending their remittances.’
Metrobank has a consolidated network of over 500 domestic branches and 35 foreign branches, subsidiaries, and representative offices; 58 remittance tie-ups, and more than a thousand correspondent banks, with an international presence spanning 21 countries.
‘With a mobile phone penetration rate of more than 75% last year – comprising close to 70 million mobile phone users in the Philippines that are adept with mobile phone payment applications, the Philippine expatriate market is ripe for international remittance services,’ continues Morten Hofstad, head of business development for Luup in the MENA region. ‘The convenience and security afforded by our solutions enable OFWs throughout the Middle East to send their regular remittances in a fast and secure way. Likewise, this new service is expedient especially where crisis or emergency situations are concerned.’
Luup launched its services in the Middle East through a partnership with the National Bank of Abu Dhabi (NBAD) last year as well as with Deutsche Bank globally. Luup is currently in talks with other financial institutions to build similar partnerships aimed at facilitating mobile payments around the globe.