BDO UNIBANK, Inc. recently renewed its remittance partnership with Japan-based Seven Bank, with both lenders looking to expand their alliance, it said on Thursday.
“The strategic alliance of the banking leaders from two of Asia’s robust economies was off to a great start when it was first announced back in 2017. Now seven years later, both institutions recognize the collaboration has brought many benefits to their customers. BDO and Seven Bank are exploring more opportunities for their partnership to expand across other products and services,” BDO said in a statement.
Under the partnership, overseas Filipino workers (OFWs) in Japan can send money using Seven Bank’s International Money Transfer mobile app.
“We saw that one hurdle for Filipino workers in Japan is visiting banks and remittance centers during daytime because of their work schedule. Our alliance with Seven Bank is a game changer, allowing 24×7 remittance through their mobile app and ATM (automated teller machine) network of 27,000 all over Japan,” BDO Senior Vice- President Remittance Head Genie T. Gloria was quoted as saying.
“BDO is very passionate and aggressive to provide new services to customers, so we want to have a good partnership with BDO to do things together with them,” Seven Bank President and Representative Director Masaaki Matsuhashi said. “For Filipinos living in Japan, everybody knows BDO, and everybody feels secure and safe with the BDO network. Filipinos in Japan also know Seven Bank. They know BDO and Seven Bank as trustworthy and reliable banks.”
Prior to its partnership with Seven Bank, BDO’s remittance network in Japan started with the opening of a BDO Remit office in Shinjuku in 2016. “The alliance with Seven Bank a year later enabled BDO to reach customers beyond the Shinjuku/Tokyo area to various prefectures of Japan,” it said.
“In the remittance business in general, there are some cases wherein the remittance failed to be sent. With BDO, all transactions are successfully sent by the senders and received by the beneficiaries. This is one of the strengths BDO has,” Mr. Matsuhashi added.
BDO has a wide network of remittance partners across Asia-Pacific, Europe, North America, and the Middle East.
It serves OFWs and their families via its physical and digital network and products like BDO Kabayan Savings and Cash Pick-up Anywhere that allow beneficiaries to receive and withdraw money through various locations and channels, including ATMs, BDO and BDO Network Bank, Inc. branches, BDO Remit counters at SM malls, and its Cash Agad partner-agents.
OFWs’ cash remittances coursed through banks grew by 3.3% annually to $2.81 billion in November 2024 from $2.72 billion a year prior, latest Bangko Sentral ng Pilipinas (BSP) data showed. In the January-to-November period, cash remittances climbed by 3% to $31.11 billion from $30.21 billion a year earlier. The central bank expects cash remittances to increase by 3% in 2024 and 2025.
BDO’s net income went up by up by 12.47% year on year to P60.62 billion in the first nine months of 2024.
Its shares dropped by P2.90 or 1.97% to end at P144.10 apiece on Thursday. — A.M.C. Sy
