Financial technology (fintech) company led by FILIPINO BayaniPay Inc., in partnership with East West Bank, headquartered in Pasadena, California, recently launched the first-ever Filipino American neobank that seeks to meet the financial needs of Filipinos Americans.
“Filipino-Americans are one of the largest Asian American groups in the United States, with $145 billion in spending power,” BayaniPay CEO Winston Damarillo said during a briefing. online press briefing. “Despite their large market size and purchasing power, no bank has met their financial needs and responsibilities here and in the Philippines.”
Damarillo sees the establishment 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 available its digital banking platform to enable a banking platform as a service. A neobank is a type of direct bank that operates exclusively online without traditional physical branch networks.
Launched in November 2021, BayaniPay offers fee-free remittances from California to the Philippines and market-leading exchange rates in partnership with BDO Remit (USA) Inc. By integrating banking products into its platform, Damarillo highlighted that BayaniPay aims to address another pressing need of the approximately 4.2 million Filipinos based in the United States.
“As an immigrant myself, I had first-hand experience of how financial services for global professionals were sorely lacking or came with high fees. This is 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 United States and Asia, with strong digital banking capabilities for the cross-border needs of their customers. clients.
“We introduced direct-to-consumer digital banking to provide customers around the world with comprehensive solutions tailored to their lifestyles,” Shi said. “This partnership allows fintech providers like BayaniPay to integrate our products and services to serve a whole new group of customers.”
Damarillo said BayaniPay allows users to open an Eastern West Bank-powered digital checking account, order a co-branded Visa debit card and send funds to the Philippines free of charge. To push ‘banking without borders’ further, the updated suite of features aims to create a seamless experience for users and their beneficiaries abroad.
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-out locations. of species. By sending money using BayaniPay’s market-leading exchange rates, Damarillo said recipients receive more money for every dollar sent, a significant benefit for recipients of regular remittances and gift donations. charity.
Looking ahead, BayaniPay aims to simplify a variety of cross-border transactions for global professionals from different home countries.
Currently available in California, BayaniPay, according to Damarillo, will soon be available in other states.