\n<\/p>\n
SINGAPORE\/TOKYO,
AUB was appointed as DWG’s bank distribution partner in the Philippines
\u00a0<\/p>\n
Eiji Miyakawa, founder and
\u00a0<\/p>\n
“With Digital Wallet Group behind the wheel of RediMoney Express Pte Ltd,
\u00a0<\/p>\n
Since its launch in Japan in 2017, Smiles has built a loyal customer
\u00a0<\/p>\n
Singapore was the second-largest<\/a> source of remittances to
\u00a0<\/p>\n
Besides addressing access and convenience, the high cost of
\u00a0<\/p>\n
Lowering remittance costs can become a reality with fintech
\u00a0<\/p>\n
Mr Miyakawa added, “With the global pandemic restricting movements and
\nJAPAN\u00a0–\u00a0Media
\nOutReach<\/a>\u00a0–\u00a031 August 2021\u00a0–\u00a0<\/b>International IT
\nand fintech company Digital Wallet Group (DWG) has expanded into Singapore by acquiring licensed remittance and foreign
\nexchange company RediMoney Express Pte Ltd (REPL). REPL is a subsidiary of Asia
\nUnited Bank (AUB), a Philippine-based and publicly listed universal commercial
\nbank. DWG’s subsidiary, Digital
\nWallet Corporation<\/a> (DWC), is
\nthe creator of Japan’s first and most popular mobile remittance application, Smiles
\nMobile Remittance (Smiles). This acquisition will allow DWG to expand Smiles in
\nthe Asia Pacific, serve more customers and boost its market presence in the
\nregion. The Monetary Authority of Singapore (MAS) has approved DWG’s
\nacquisition. <\/p>\n
\n
\n
\n
<\/p>\n
\nin 2019, and the acquisition of REPL further cements their vital alliance. With
\nthis acquisition, DWG will bring its expertise in artificial intelligence and
\nfintech to complement REPL’s counter remittance service. Additionally, DWG will
\ngive customers an enhanced user experience with its competitive exchange rate,
\nconvenience, affordability, speed, and 24\/7 customer support. \u00a0<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nChief Executive Officer of DWG, said, “Our entry into Singapore through the
\nacquisition of RediMoney Express Pte Ltd is the fruition of a strong
\npartnership with Asia United Bank. Furthermore, having a presence in Singapore
\nis strategic to our global expansion plans in building traction with a sizeable
\nmigrant worker community. To serve these customers, we aim to build our
\nSingapore operations and hire roles in customer service, sales and marketing
\nwithin the next two years and from there, fast-track our expansion into North
\nAmerica and Europe.” <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nwe are confident that customers can continue to enjoy exceptional service as we
\nexpect DWG to stay true to its promise of bringing smiles across the miles,”
\nsaid Manuel A. Gomez, President of AUB.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nbase among migrant Filipinos working in the country to become the number one mobile
\nremittance service there. It expanded to the Philippines in 2019 with the
\nacquisition of Speed Money Transfer Philippines, Inc (SMTP) and renamed its
\ncorporate name to DW Philippines Corporation. <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nthe Philippines in 2020, after the United States. It contributed 7.2 percent,
\nhigher than Japan’s 5.3 percent and the United Arab Emirates’ 4.3 percent. Moreover,
\nthe amount of cash remittances by overseas Filipino workers based in Singapore has
\nincreased<\/a> over the years, from
\nUS$1.4 billion in 2014 to US$2.15 billion in 2020. <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nmoney transfers erodes the purchasing power of the receiving families. The UN
\nSustainable Development Goal Goal
\n10.c.1<\/a> aims to reduce remittance
\ncosts to less than 3
\npercent<\/a> and eliminate
\nremittance corridors with costs higher than 5 percent by 2030. Over the past
\ntwo years, Singapore was among the lowest-cost corridors averaging 3
\npercent<\/a> for remittance transfers
\nto the Philippines, apart from Kuwait, United Arab Emirates and Spain. On the
\nother hand, the highest cost corridors for remittances to East Asia and the Pacific
\nRegion averaged 13 percent. <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nplayers like DWG, which uses technology to offer security and convenience at lower
\nrates.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\ntravel, mobile remittances have been a lifeline for migrant workers around the
\nworld to support their families at home. In addition, the digitalisation of
\nremittance services through mobile has also helped unbanked individuals to have
\ngreater financial access. This motivation drives the purpose of our business to create a more
\nsustainable and financially inclusive society to benefit our customers, their
\nfamilies and home countries.” <\/p>\n