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Manila Bulletin devider Business devider Banking & Finance devider BankCom sees growth potential for Japan remittance service

BankCom sees growth potential for Japan remittance service

Published Dec 14, 2023 06:36 am

Bank of Commerce (BankCom), an affiliate of San Miguel Corporation (SMC), sees a larger market potential for its “SIKAPPINOY Asenso” (Asenso) all-in-one remittance, savings, and investments platform for Filipinos in Japan.

This comes after an increase in overall remittances from overseas Filipinos including from Japan, based on data from a recent Bangko Sentral ng Pilipinas (BSP) report.

According to the BSP report, published recently in its website, the Philippines’ total remittances from September year-to-date (YTD) improved 2.8 percent to $27.24 billion, from $26.49 billion in the same period last year.

Japan ranked fourth overall among the largest source countries for the period, behind only the United States (USA), Singapore, and Saudi Arabia.

Bankcom Michaelangelo Aguilar.png
BankCom President and CEO Michelangelo R. Aguilar

BankCom President and CEO Michelangelo R. Aguilar touted the bank’s strong partnerships with established remittance service providers, as key to the program’s success.

“We recognize the vital role that our SIKAPPINOY partners play in establishing our presence in key OFW communities such as in Japan. We will collaborate with them to meet the evolving needs of our OFW customers and their beneficiaries, and expand their access to banking services,” Aguilar added.

BankCom launched “Asenso” in Japan in August this year, in partnership with Speed Money Transfer Japan K.K. and has since catered to thousands of customers in just three months.

The program provides clients a way to send cash remittances to loved ones for pick-up at BankCom branches, or at any of its 16,000 agent partners nationwide.

Funds can also be remitted directly to customers’ other bank accounts, or to a number of e-wallet services that are available in the Philippines.

“Asenso”, which pertains to prosperity, progress, or advancement in Filipino, also provides OFWs and their families access to practical business investments--in particular, over 200 franchising options in the Philippines through BankCom’s partner, U-Franchise.

Through “Asenso,” OFWs can reliably channel their hard-earned remittances towards building a franchise-type business for their beneficiaries.

Related Tags

San Miguel Corporation (SMC) Michelangelo Aguilar Bank of Commerce
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