I-Remit gets approval to operate in Europe

Homegrown remittance firm I-Remit Inc. on Monday disclosed that it has been given "passporting rights" by authorities in the United Kingdom that would allow it to carry on its activities among European Economic Area states. In a statement to the Philippine Stock Exchange, iRemit said it received an advice on the approval by the Financial Services Authority of the United Kingdom of the registration of IRemit Global Remittance Limited as an authorized payment institution (API). "As an API, IGRL can exercise 'passporting' rights and will be entitled to carry on its activities in other EEA states by establishing branches or providing cross-border services.," iRemit added. Presently, there are 29 EEA states with passporting rights, including France, Germany, Spain, Denmark, Italy, The Netherlands and Ireland, among others. "The corporation intends to utilize the passporting rights of IGRL to reorganize its current remittances outlets in Europe consisting of its subsidiaries in Austria (with branches in Italy) and its tie-up arrangements in Ireland, The Netherlands, Spain and Greece," the company said. -- CMA/OMG, GMA News