According to Inflation-hit Philippines joins world’s largest free trade pact RCEP | The Straits Times, Following the debut of a new bill payment service by financial technology (fintech) business BayaniPay, Filipinos living in the United States may now pay their monthly amortizations in the Philippines directly and for free.
The chief executive officer of BayaniPay, Winston Damarillo, stated that there is a high demand for this service considering that a substantial share of remittances is used for real estate investments at a briefing on Wednesday in Makati City.
In this mostly unexplored sector, which is characterized by a number of hurdles for Filipinos living abroad, they see enormous potential, he added.
The bill payment service is a result of the collaboration between the fintech company and BDO Unibank Inc. Additionally, it collaborated with the real estate developers SM Development Corp. and Ortigas Land Corp., although Damarillo hinted to future collaborations.
According to a corporate spokesperson, these relationships enable us to close the gap in cross-border payments for the P1 trillion real estate investment sector.
Due to the payment solution's ability to be linked to a BDO account, a separate bank account is no longer necessary. Meanwhile, a customized dashboard is provided to the real estate developers so they can collect, process, and reconcile payments.
According to Damarillo, each client receives a monthly amortization payment of between $350 and $2,000 per customer. He noted that this sum was in addition to the customary payment of $500 per month made by each foreign worker.
Los Angeles-based BayaniPay is a Filipino-owned fintech business. It received $4.5 million in venture capital from Talino Venture Labs, Wavemaker Partners, and East West Bank last year.