Manila, Philippines — What began as a response to the challenges faced by overseas workers sending money home has grown into a Filipino-founded fintech company serving customers across 24 countries.
BCRemit is celebrating its 10th anniversary after surpassing US$1 billion in total processed transactions and more than one million transactions across its network.
The company was founded in 2016 by former overseas worker Oliver “Bong” Calma and his son Jose Angelo “Gio” Calma. The founders’ own experiences with international money transfers influenced the creation of a platform designed to reduce the cost and waiting time associated with sending money home.
Their focus was simple: help OFWs send money back home faster while providing a digital alternative to traditional remittance channels.
“Our mission has always been to show that Filipino-led innovation can offer transformative solutions to the world,” said Oliver Calma, Founder and CEO of BCRemit.
BCRemit began its remittance journey in the United Kingdom before expanding into additional international markets.
Its international footprint grew further with its entry into Spain in June 2021 through licensed entity BC Remittance S.L. The company later expanded into Canada in January 2022 and the United States in August 2022.
Today, the company says its services are available in 24 countries.
Behind this expansion is a payment infrastructure that combines blockchain technology with USD stablecoins. BCRemit says this allows it to bring its average transaction cost to approximately 1%, with no hidden fees.
For comparison, the company cites the global average remittance cost at 6.4%.
The technology is also intended to make transactions faster. Rather than relying on processes that may take three to five days through traditional banking networks, BCRemit’s infrastructure supports near-instant transfers.
Customers in the Philippines can receive funds through several channels. These include direct transfers to banks such as BDO and BPI, cash pickup locations, and e-wallets including GCash and Maya.
The platform also provides additional services for overseas Filipinos who need to handle financial responsibilities from abroad.
Through BCRemit Pay, users can settle SSS contributions, Pag-IBIG regular and MP2 savings, loan repayments, property bills, and mobile top-ups.
The company has retained human assistance as part of its customer service model, with 24/7 support available alongside its digital channels.
BCRemit is now looking beyond individual remittance transactions as it enters its second decade.
The company is expanding its cross-border settlement infrastructure to support SMEs, BPO firms, and freelancers. It is also developing white-label payout integrations for third-party financial institutions.
Additional expansion is planned in the Middle East and Asia-Pacific, where BCRemit is preparing for launches in high-volume corridors. Saudi Arabia, Australia, Japan, and South Korea are among the priority markets identified by the company.
Its operations are subject to regulatory oversight from the Bangko Sentral ng Pilipinas, the UK’s Financial Conduct Authority, Banco de España, FINTRAC, and the Bank of Canada.
For a company that started with the practical problem of helping overseas workers send money home, the US$1 billion milestone represents a significant expansion of the original idea. BCRemit now combines consumer remittances with bill payments, digital-wallet payouts, business settlement services, and planned new international corridors.
Those interested in exploring the platform can find more information at BCRemit’s website or through its Facebook, Instagram, and TikTok.
ABOUT BCREMIT
BCRemit is a Filipino-founded global financial technology company providing digital remittance and cross-border payment services. Built around the needs of migrant workers, BCRemit enables customers to send money through its mobile app, website and supported service channels, alongside value-added services including bill payments, mobile top-ups and digital-wallet payouts.
Beginning its remittance journey in the United Kingdom in 2016, BCRemit has expanded across Europe, the United States, Canada, the Philippines and other markets and says its services are now available in 24 countries. The company operates within regulated financial-services frameworks in its respective markets and maintains a focus on technology, compliance, affordability and customer support.
For more information, visit the BCRemit website or download the BCRemit app through the Apple App Store or Google Play.