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Industry Landscape
The global remittance industry is experiencing significant growth, driven by increasing migration, digital transformation, and the need for cost-effective, fast, and secure international money transfers. Traditional methods are being challenged by innovative fintech solutions offering lower fees and enhanced digital experiences. Competition is intense, with a focus on ease of use and expanded digital channels to meet evolving customer demands.
Total Assets Under Management (AUM)
Remittance Inflows in Philippines
~US$37.2 billion (2023)
(3.6% (2023) CAGR)
- Personal remittances primarily from overseas Filipinos. - Driven by strong demand for Filipino labor abroad. - Growth also supported by digital platforms and lower transaction costs.
Total Addressable Market
US$37.2 billion
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Blockchain & Distributed Ledger Technology (DLT)
Blockchain and DLT can enable faster, more secure, and transparent cross-border transactions by eliminating intermediaries and reducing settlement times.
AI & Machine Learning (ML)
AI and ML can enhance fraud detection, personalize customer experiences through predictive analytics, and automate customer support, improving efficiency and security.
Open Banking APIs
Open Banking APIs facilitate seamless integration with various financial services, allowing for more diverse payment options and improved customer onboarding processes.
Impactful Policy Frameworks
BSP Circular No. 1169 Series of 2023: Amendments to Regulations on Electronic Money Issuers (EMI)
This circular from the Bangko Sentral ng Pilipinas (BSP) updates regulations for Electronic Money Issuers (EMIs), aiming to strengthen consumer protection and promote fair competition in the digital payments sector.
This policy will likely lead to stricter compliance requirements for digital remittance platforms operating in the Philippines, potentially increasing operational costs but fostering greater consumer trust.
Anti-Money Laundering Act (AMLA) of 2001, as amended by RA Nos. 9194, 10167, 10365, and 11521 (2021)
The Philippine AMLA, particularly its latest amendments, strengthens anti-money laundering and counter-terrorism financing measures, imposing stricter reporting and due diligence requirements on financial institutions, including remittance services.
This policy increases the burden of compliance for remittance companies in the Philippines, requiring more robust 'Know Your Customer' (KYC) processes and transaction monitoring.
Philippine Data Privacy Act of 2012 (Republic Act No. 10173)
This act governs the collection, processing, and storage of personal information by government and private entities in the Philippines, ensuring data protection and privacy rights for individuals.
Remittance service providers must ensure strict adherence to data privacy principles when handling customer information, impacting their data management and security protocols.
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