Manila, Philippines — For Filipino families with loved ones working overseas, sending money home is more than a financial transaction. It is often how families pay bills, support education, settle government contributions, and stay connected despite the distance.
For Filipino-founded fintech company BCRemit, this everyday need has shaped a decade of work in digital remittances. As the company marks its 10th anniversary, it has reached more than US$1 billion in total processed transactions and more than one million transactions across its network.
Founded in 2016 by former overseas worker Oliver “Bong” Calma and his son Jose Angelo “Gio” Calma, BCRemit grew from the founders’ own experience with the cost and delays associated with sending money internationally.
Their experience became the foundation for a service designed around a straightforward goal: helping overseas Filipino workers send money back home faster.
“Our mission has always been to show that Filipino-led innovation can offer transformative solutions to the world,” said Oliver Calma, Founder and CEO of BCRemit.
A major part of the company’s approach has been the use of blockchain technology and USD stablecoins to support cross-border transactions. BCRemit says this infrastructure has helped bring its average transaction cost to approximately 1%, with zero hidden fees, compared with the reported global average remittance cost of 6.4%.
The technology is also intended to address one of the most common frustrations associated with traditional international transfers: waiting. While legacy banking networks can take three to five days to complete certain transactions, BCRemit’s digital infrastructure enables near-instant transfers, allowing recipient families to access funds more quickly.
Over the past decade, the company has also expanded its international reach. BCRemit currently operates across 24 countries, following market entries that included Spain in June 2021 through licensed entity BC Remittance S.L., Canada in January 2022, and the United States in August 2022.
Its services extend beyond sending money directly to Philippine bank accounts. Customers can transfer funds to banks such as BDO and BPI, use cash pickup locations, or send money to digital wallets including GCash and Maya.
BCRemit also provides additional services through BCRemit Pay. Overseas Filipinos can use the platform to settle obligations such as SSS payments, Pag-IBIG regular and MP2 savings contributions, loan repayments, property bills, and mobile top-ups.
Despite its focus on digital services, BCRemit continues to maintain a human element in its customer experience through 24/7 customer support. The company positions this support as an important part of maintaining trust when customers are handling transactions intended for their families.
The next stage of BCRemit’s growth goes beyond individual remittances. The company is expanding its cross-border settlement infrastructure to support small and medium-sized enterprises, business process outsourcing firms, and freelancers. It is also developing white-label payout integrations that can allow third-party financial institutions to use its payment infrastructure.
At the same time, BCRemit is preparing for expansion into additional high-volume remittance corridors across the Middle East and Asia-Pacific. Saudi Arabia, Australia, Japan, and South Korea are among its priority target markets.
The company operates under regulatory oversight from financial authorities including the Bangko Sentral ng Pilipinas, the UK’s Financial Conduct Authority, Banco de España, FINTRAC, and the Bank of Canada.
With services intended for a global community of more than 10.8 million overseas Filipinos, BCRemit enters its second decade with a business that continues to connect financial technology with one of the most familiar realities of Filipino life: supporting family from afar.
For more information about BCRemit’s services and its 10-year journey, visit the BCRemit website or explore its social media channels on Facebook, Instagram, and TikTok.
ABOUT BCREMIT
BCRemit is a Filipino-founded global financial technology company providing digital remittance and cross-border payment services. Built around the needs of migrant workers, BCRemit enables customers to send money through its mobile app, website and supported service channels, alongside value-added services including bill payments, mobile top-ups and digital-wallet payouts.
Beginning its remittance journey in the United Kingdom in 2016, BCRemit has expanded across Europe, the United States, Canada, the Philippines and other markets and says its services are now available in 24 countries. The company operates within regulated financial-services frameworks in its respective markets and maintains a focus on technology, compliance, affordability and customer support.
For more information, visit the BCRemit website or download the BCRemit app through the Apple App Store or Google Play.