This is AI generated summarization, which may have errors. For context, always refer to the full article.
MANILA, Philippines – Chinabank is partnering with Thai fintech company DeeMoney to “facilitate fast and convenient” remittances from overseas Filipinos in Thailand.
The online and real-time remittance service can be accessed through the DeeMoney app, which specializes in international money transfers from Thailand.
Through the DeeMoney app, overseas Filipinos can send money by crediting to a Chinabank account, crediting to another Philippine bank account, or by crediting to an e-wallet like GCash or Maya. They can also opt for a cash pickup from any branch of Chinabank, MLhuillier, Cebuana Lhuillier, LBC, or Palawan Express.
Although remittances through DeeMoney are processed in real-time, those over P50,000 may become available to the beneficiary on the next banking day. The status of the remittance can be checked through Chinabank’s website or mobile app. The beneficiary of the remittance will also be notified if they have a valid mobile number.
Chinabank also has a remittance partnership with Qatar National Bank – the biggest bank in the Middle East and Africa – and Mobile Money in Malaysia. Chinabank connects with these financial institutions and DeeMoney through the RippleNet platform, which uses blockchain technology to move funds securely across countries.
Cross-border remittances from overseas Filipinos have become a pillar of the Philippines’ economy, making the country the fourth top recipient of remittances in 2021, according to the World Bank.
And remittances continue to grow. In October 2023, personal remittances from overseas Filipinos reached $3.33 billion, higher by 3.1% compared to October 2022, according to the Bangko Sentral ng Pilipinas. Remittances from Thailand in particular make up 0.2% of total overseas Filipino cash remittances from January to October 2023. – Rappler.com