Los Angeles-Based Fintech Innovator Launches Cross-border Financial Services for Millions of Filipino Americans in the United States
LOS ANGELES, July 28, 2021 (GLOBE NEWSWIRE) -- BayaniPay, a fintech company with the mission of enabling borderless banking, today launched a web app to empower global professionals working abroad to take care of their families and communities back in their home countries.
BayaniPay was designed to meet the specific requirements of Asian American global professionals, who make up over 25% of the foreign-born labor force in the United States. Most of these global professionals currently rely on brick-and-mortar remittance centers to send money to their loved ones. This laborious and time-consuming approach is accompanied by high transaction fees, complicated processes, and limited access to other crucial financial services such as loans, savings, and investments.
BayaniPay takes its name from “bayani,” the Filipino word for “hero”—a term often used to describe global professionals in their home countries. Born out of a partnership between inclusiontech venture studio Talino Venture Labs and leading Asian American multimedia publisher The Asian Journal, BayaniPay received funding from Wavemaker Partners, a cross-border venture capital firm investing in early-stage startups in the United States and Southeast Asia.
“With BayaniPay, we are delivering accessible, affordable, and secure financial services to global professionals, starting with more convenient and fairer-priced remittances. We will initially serve the Filipino-American community in the U.S., and we look forward to extending our borderless banking services to the broader Asian American community,” said Winston Damarillo, CEO of BaaniPay.
BayaniPay’s remittance partner in the Philippines is BDO Unibank, the largest bank in the Philippines. Remittances sent via BayaniPay can be claimed at over 1,400 branches and more than 4,400 ATMs of BDO Unibank nationwide, as well as at 8,000+ BDO Cash Agad outlets, which are mostly located in rural areas. These include sari-sari stores (neighborhood convenience stores), grocery and hardware stores, and gas stations.
BayaniPay is also partnering with Seafood City, the leading Filipino supermarket chain in North America with 32 locations. A cornerstone of Filipino communities, Seafood City serves as an anchor to Filipino businesses and essential services such as immigration offices. Under the partnership, the two companies are conducting joint marketing, in-store promotions and co-branded loyalty programs, which will be fully launched later in the summer.
How it Works
BayaniPay simplifies the remittance process by enabling its users to send money to their friends and families through an easy-to-use app, which can be accessed at www.bayanipay.com. Transfers can be done by linking the subscriber’s U.S. bank account to BayaniPay, with the recipient receiving the money in as little as one day. True to its goal of providing accessible and affordable remittance, BayaniPay offers the lowest fees in the market and competitive foreign exchange rates. In addition, BayaniPay will soon roll out BayaniPay Prime, a yearly subscription service that waives all transaction fees, and offers exclusive partner discounts and other perks that lower the cost and add greater value for frequent remitters.
BayaniPay is currently available to residents of California sending money to the Philippines. The company plans to roll out its service to several other states, as well as partner with leading financial establishments serving other Asian countries, in order to extend its service to as many global professionals as possible.
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