BPI partners with Westpac for payment exchange services

Bank of the Philippine Islands has entered into a strategic partnership with Australian banking giant, Westpac Banking Corporation, to facilitate fast fund transfers between Australia and the Philippines.

The facilitation of low-cost fast transfers of funds from Australia-based Filipinos to the Philippines is on track with the launch of payment service LitePay International (LitePay).

LitePay would send money from a Westpac account online, directly to Bank of the Philippine Islands (BPI) account within a short time frame and allow beneficiaries to access to account at any point in time.

“The Philippines is an important market for Australia and as the overseas payments industry continues to evolve, we look forward to extending this secure and internationally compliant, platform into other markets,” said Westpac head of transactional solutions, global transactional services, Mike Baldwin.

This service is the first of its kind from Australia into the Philippines, which Baldwin said would offer structured affordability to support Filipinos working in Australia to value transfers to family back to the Philippines.

Related Stories

Malaysia’s central bank, Bank Negara had issued licenses to four companies to operate within its regulatory sandbox.
Malaysia opens fintech sandbox
Following the launched of Bank Negara’s Financial Technology Enabler Group (FTEG) unit overseeing... Read More
S&P Global Market Intelligence's third annual Mobile Money survey revealed the value of mobile banking apps as a strong influencer of customer and brand loyalty was present and should not be underestimated.
Apps a drawcard to win customer loyalty
Customers are valuing their mobile banking app so much, many would be willing to pay to continue... Read More
New strategies needed across Asian retirement income market
Private market providers across the Asia-Pacific could potentially fill gaps existing from... Read More
The Financial Conduct Authority and Hong Kong’s Securities and Futures Commission have signed an agreement with the UK’s financial regulator to promote fintech collaboration and innovation within the nations.
Hong Kong and British regulators partner on fintech
The Financial Conduct Authority (FCA) and Hong Kong’s Securities and Futures Commission (SFC) are... Read More