BCRemit tops $1B in transfers, targets new global markets

Insider Spotlight

• Filipino-founded BCRemit has processed more than $1 billion across over one million transactions since launching in 2016
• The fintech firm says blockchain technology and USD stablecoins have helped cut average transaction costs to about 1 percent
• BCRemit is expanding beyond consumer remittances into enterprise payments while targeting Saudi Arabia, Australia, Japan and South Korea
  
  
  

Filipino-led fintech company BCRemit has surpassed $1 billion in processed cross-border transactions as it marks its 10th anniversary and prepares to expand its payment network into new markets.

Founded in 2016 by former overseas worker Oliver “Bong” Calma and his son Jose Angelo “Gio” Calma, the company has processed more than one million transactions and now operates across 24 countries.

Filipino-led innovation

BCRemit is positioning its Filipino-built remittance infrastructure for a broader role in cross-border payments, moving beyond its original focus on overseas Filipino workers into services for businesses and financial institutions.

“Our mission has always been to show that Filipino-led innovation can offer transformative solutions to the world,” BCRemit founder and CEO Oliver Calma said in a press statement.

The company said its use of blockchain technology and USD stablecoins has brought average transaction costs down to about 1 percent with no hidden fees. It contrasted this with a global average remittance cost of 6.4 percent and said its infrastructure enables near-instant transfers instead of the three- to five-day delays associated with legacy banking networks.

Cross-border payment

BCRemit entered Spain in June 2021 through licensed entity BC Remittance S.L., followed by Canada in January 2022 and the United States in August that year.

Customers can send funds to Philippine banks including BDO and BPI, cash pickup locations and e-wallets such as GCash and Maya. BCRemit Pay also allows users to settle SSS and Pag-IBIG obligations, loans, property bills and mobile top-ups.

Priority markets

BCRemit is scaling its cross-border payment rails for small and medium-sized enterprises, business process outsourcing companies and freelancers. It is also offering white-label payout integrations to third-party financial institutions.

The company is preparing launches in high-volume Middle East and Asia-Pacific corridors, identifying Saudi Arabia, Australia, Japan and South Korea as priority markets.

BCRemit said it operates under financial-services regulatory frameworks including oversight from the Bangko Sentral ng Pilipinas, the UK Financial Conduct Authority, Banco de España, FINTRAC and Bank of Canada. —Vanessa Hidalgo | Ed: Corrie S. Narisma