The association is expected to benefit two million overseas Filipino workers
Luup International has formed a partnership with Philippines-based Metropolitan Bank and Trust Company (Metrobank). Reportedly, the partnership extends Luup’s international remittance solutions for banks to enable distribution of funds to beneficiaries, through Metro Bank, in the Philippines.
It has been reported that Overseas Filipino Workers (OFW), of whom over two 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, utilising 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. Richard So, senior vice president, Metrobank, said: “This is an increase of 13.68% over 2007 numbers. 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.”
Morten Hofstad, head of Business Development for Luup in the MENA region, said: “With a mobile phone penetration rate of more than 75 percent 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. 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.”