BusinessMirror
  • News
    • News
    • Top News
    • Regions
    • Nation
    • World
    • Asia Today
  • Business
    • Business
    • Agri-Commodities
    • Asean Economic Community
    • Banking & Finance
    • Companies
    • Economy
    • Entrepreneur
    • Executive Views
    • Export Unlimited
    • Harvard Management Update
    • Monday Morning
    • Mutual Funds
    • Stock Market Outlook
    • The Integrity Initiative
  • Sports
  • Opinion
    • Opinion
    • Columns
    • Editorial
    • Editorial cartoon
  • Life
    • Life
    • Art
    • Design&Space
    • Digital Life
    • Journey
    • Motoring
    • 360° Review
    • Property
    • Show
    • Tech
    • Tourism
    • Y2Z
  • Features
    • Biodiversity
    • Education
    • Envoys & Expats
    • Explainer
    • Faith
    • Green
    • Health & Fitness
    • Mission: PHL
    • Our Time
    • Perspective
    • Photo Gallery
    • Science
    • Today in History
    • Tony&Nick
    • When I Was 25
    • Wine & Dine
  • BMPlus
    • BMPlus
    • SoundStrip
    • Live & In Quarantine
    • Bulletin Board
    • Marketing
    • Public Service
    • CSR
  • The Broader Look

Today’s front page, Saturday, September 30, 2023

Subscribe
BusinessMirror
BusinessMirror
  • News
    • News
    • Top News
    • Regions
    • Nation
    • World
    • Asia Today
  • Business
    • Business
    • Agri-Commodities
    • Asean Economic Community
    • Banking & Finance
    • Companies
    • Economy
    • Entrepreneur
    • Executive Views
    • Export Unlimited
    • Harvard Management Update
    • Monday Morning
    • Mutual Funds
    • Stock Market Outlook
    • The Integrity Initiative
  • Sports
  • Opinion
    • Opinion
    • Columns
    • Editorial
    • Editorial cartoon
  • Life
    • Life
    • Art
    • Design&Space
    • Digital Life
    • Journey
    • Motoring
    • 360° Review
    • Property
    • Show
    • Tech
    • Tourism
    • Y2Z
  • Features
    • Biodiversity
    • Education
    • Envoys & Expats
    • Explainer
    • Faith
    • Green
    • Health & Fitness
    • Mission: PHL
    • Our Time
    • Perspective
    • Photo Gallery
    • Science
    • Today in History
    • Tony&Nick
    • When I Was 25
    • Wine & Dine
  • BMPlus
    • BMPlus
    • SoundStrip
    • Live & In Quarantine
    • Bulletin Board
    • Marketing
    • Public Service
    • CSR
  • The Broader Look
  • Banking & Finance

California-based fintech, lender launch neobank

  • Rizal Raoul Reyes
  • March 28, 2022
  • 2 minute read

FILIPINO-led financial technology (fintech) company BayaniPay Inc., in partnership with Pasadena, California-headquartered East West Bank, recently launched the first-ever Filipino American neobank that seeks to cater to the financial needs of Filipino Americans.

“Filipino-Americans are one of the largest Asian American groups in the United States, with a $145-billion purchasing power,” BayaniPay CEO Winston Damarillo said in an online news briefing. “Despite their significant market size and buying power, no bank has catered to their financial needs and responsibilities both here and in the Philippines.”

Damarillo considers the creation of the neobank as a milestone as it is the first time that East West Bank, a subsidiary of East West Bancorp Inc., has made its digital banking platform available to enable a banking-as-a-service platform. A neobank is a type of direct bank that operates exclusively online without traditional physical branch networks.

Launched in November 2021, BayaniPay provides zero-fee remittances from California to the Philippines and market-leading foreign exchange rates in partnership with BDO Remit (USA) Inc. By integrating bank products into its platform, Damarillo pointed out that BayaniPay aims to address another pressing need of the estimated 4.2 million US-based Filipinos.

“As an immigrant myself, I’ve had firsthand experience with how financial services for global professionals were sorely lacking or came with high fees. That’s why we created BayaniPay,” he said.

Parker Shi, executive vice president and COO of East West Bank, said BayaniPay will be a major financial bridge between the US and Asia that has robust digital banking capabilities to the cross borders needs of their customers.

“We introduced direct-to-consumer digital banking services to provide customers around the world with comprehensive solutions that fit their lifestyle,” Shi said. “This partnership enables fintech providers like BayaniPay to embed our products and services to serve a whole new group of customers.”

Damarillo said BayaniPay enables users to open an East West Bank-powered digital checking account, order a co-branded Visa debit card and send zero-fee remittances to the Philippines. To push further “borderless banking,” the updated suite of features aims to create a seamless experience for both users and their beneficiaries overseas.

With the launch of the neobank, Damarillo said recipients in the Philippines can now receive their BayaniPay remittances in 12 hours or less through most national banks, as well as rural banks, pawnshops or cash pick-up outlets. By sending money using BayaniPay’s market-leading foreign exchange rates, Damarillo said recipients receive more of their money for every dollar sent—a significant benefit to recipients of regular remittances and charitable donations.

Looking ahead, BayaniPay aims to simplify a variety of cross-border transactions for global professionals from different countries of origin.

Currently available in California, BayaniPay, according to Damarillo, will be available to more states soon.

0
0
0
0
Share 0
Tweet 0
Pin it 0
Share 0

Know more

Know more
  • 2 min
  • Banking & Finance

PNB awarded on SSS’s 66th anniversary

  • BusinessMirror
  • September 29, 2023
Know more
  • 2 min
  • Banking & Finance

BPI to boost war chest thru ₧5-B bonds issue

  • Cai U. Ordinario
  • September 29, 2023
Know more
  • 2 min
  • Banking & Finance

CIS Bayad Center, Tala Financing ink agreement to boost mobile services

  • Rizal Raoul Reyes
  • September 29, 2023
Know more
  • 3 min
  • Banking & Finance
  • Column

Neuroscience and associations

  • Octavio Peralta
  • September 29, 2023
Know more
  • 2 min
  • Banking & Finance

SEC, GCash operator ink deal against online fraud

  • VG Cabuag
  • September 29, 2023
Know more
  • 2 min
  • Banking & Finance

Deloitte acquires PHL financial advisor

  • BusinessMirror
  • September 28, 2023
Know more
  • 2 min
  • Banking & Finance

‘Pro-taxpayer reform’ bill ratified in both chambers

  • Jovee Marie N. de la Cruz
  • September 28, 2023
Know more
  • 1 min
  • Banking & Finance

Lucio Tan named PNB chairman emeritus

  • VG Cabuag
  • September 28, 2023
Know more
  • 1 min
  • Banking & Finance

Malaysia-backed bank cites growth

  • Manuel Cayon
  • September 28, 2023
Know more
  • 3 min
  • Banking & Finance

NG fails to raise programmed borrowings for September as investors sought high yields

  • Jasper Y. Arcalas
  • September 28, 2023
Know more
  • 2 min
  • Banking & Finance

AUB offers tourists in PHL cross-border pay service

  • Cai U. Ordinario
  • September 28, 2023
Know more
  • 3 min
  • Banking & Finance

Rejection of rice-tariffs cut seen to spare small farmers

  • Jovee Marie N. de la Cruz
  • September 28, 2023
Close up of cash banknote of one thousand Philippines peso and us dollar, macro
Know more
  • 2 min
  • Banking & Finance
  • Business
  • Economy

Peso nears key ₱57 level, raising risk of FX defense

  • Bloomberg News
  • September 27, 2023
Know more
  • 1 min
  • Banking & Finance

Lender bags award for 3rd year

  • BusinessMirror
  • September 27, 2023
Know more
  • 1 min
  • Banking & Finance

SECB gets ISMS certification

  • BusinessMirror
  • September 27, 2023
Dr. Conchita L. Manabat - FINEX Free Enterprise
Know more
  • 2 min
  • Banking & Finance
  • Column

Stepping back

  • Dr. Conchita L. Manabat
  • September 27, 2023
Know more
  • 2 min
  • Banking & Finance

Bill seeks to require OFWs to take financial literacy training before departure

  • Butch Fernandez
  • September 27, 2023
Know more
  • 2 min
  • Banking & Finance

Royalty fees await large miners in fiscal proposal

  • Jovee Marie N. de la Cruz
  • September 27, 2023
Know more
  • 5 min
  • Banking & Finance

House-approved MUP bill wants new entrants to pay for pension

  • Jovee Marie N. de la Cruz
  • September 27, 2023
Know more
  • 2 min
  • Banking & Finance

FLI bonds get high credit ratings, stable outlooks

  • BusinessMirror
  • September 26, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe

BusinessMirror
  • About Us
  • Contact Us
  • Advertise with us
  • Privacy Policy
  • Cookie Policy
  • Podcast
  • Text-Only Homepage

Input your search keywords and press Enter.