REMITTANCE service provider I-Remit, Inc. is setting up a subsidiary to expand into retail, wholesale trading, and e-commerce.
In a disclosure to the Philippine Stock Exchange on Tuesday, I-Remit said it was seeking the approval of the Securities and Exchange Commission for the incorporation of the unit, which will be called Global Hapimart E-Commerce, Inc.
The subsidiary will provide customers additional financial services for consumer goods, it said.
“Global Hapimart is envisioned to complement the remittance business of, and create opportunities for, I-Remit specifically in retail and wholesale trading and in e-commerce,” the disclosure said.
Global Hapimart will be incorporated with an authorized capital stock of P1 million, of which I-Remit will be subscribing to P600,000 in common shares with the par value of P1.00 per share.
Out of the total subscription, I-Remit is to pay P63,000 with the balance payable upon the call of the Global Hapimart board of directors.
In the minutes of its stockholders’ meeting on July 31, I-Remit said it was planning to continue innovating products amid tightening competition with fintech firms offering accessible and cheaper payment services.
“I-Remit’s Management is closely watching these developments and has already crafted a cutting-edge strategy,” the company said, adding that the move is being implemented “for the purposes of keeping up with these advances.”
I-Remit committed to invest in data technology in allowing smooth delivery of services between its mobile and website platforms, it said.
The company recently tapped Ripple for its blockchain technology, a digital data storage, in expanding its global payment services. I-Remit plans to forge more partnerships to further develop the technology.
I-Remit is a non-bank remittance service provider operating in 23 countries worldwide. — Kathryn Kristina T. Jose