Azimo Launches New Instant Cash Transfer Service to The Philippines

Mike Tinmouth on miket@azimo.com

Azimo, the digital money transfer service, today announced that customers can now send money to the Philippines for instant cash pick-up at over 5,000 locations as new research showed that more and more customers are opting to receive cash over bank transfers.

According to The World Bank, The Philippines is the fourth largest recipient of official remittances after China, India and Mexico, with Filipinos abroad sending home over $25bn in 2013. Today, there are an estimated 14m Filipinos living abroad with Overseas Filipino Worker (OFW) remittances representing nearly 13.5% of the country's GDP.

Azimo’s research of transfer trends over the past 3 years shows that transfers for cash collection have risen from 65% to 76% as migrants continue to favour receiving cash over payments to bank accounts.

The new Azimo service provides an instant, safe, easy and low-cost way to transfer money across borders, offering rates up to 85% cheaper than high street banks and traditional money transfer providers.

The service is available across the UK and Eurozone, including Italy, France, Ireland and Germany. Funds are delivered instantly for cash pick-up at over 5000 Banco de Oro, Cebuana Lhuillier, MLhuillier and Palawan pawnshop branches, with many open 24 hours a day.

Registering to use Azimo is free and takes just a few seconds from a smartphone or PC using your email address or Facebook profile.

Michael Kent, CEO said: "It is important to offer the hard working Filipino community what they want: a convenient and good value cash based service. While we also offer bank account funding and home delivery in the Philippines, with our new instant cash service our customers know that their padala will be waiting for their loved ones as soon as they click the Send button".

In addition to Azimo’s normal low-cost services, customers will get their first transfer FREE by using promotional code AZIMOPINOY. 

Tempo France successfully completed deal with E-Ventures Associates LTD. Tempo Money Transfers launched

Tempo France SAS has successfully completed a deal with UK-based E-Ventures Associates LTD. 

The British company acquired 75 percent in TF’s stock from Jeffrey Phaneuf, who now owns 15 percent of shares. 

One of the principal shareholders in E-Ventures Associates LTD is Souren Hayriyan (ex-president of the CIS leading money transfer system, Unistream), joining Tempo France’s BD, while Jeffrey Phaneuf has been appointed as president.  

“With the deal's successful completion, Tempo France obtained a tremendous impetus to promote its core product, Tempo Money Transfer in the EU and international remittances market”, commented Jeffrey Phaneuf upon finalisation of the deal.

The main assets of the French money transfers system is a pan-European money transfers license, granted by the Bank of France in 2011 with potential to operate 200 000 outlets in 67 countries worldwide as well as state-of-the-art IT-systems and its team having collective work experience of 30 years. 

The board includes two of Europe's most professional top-managers in the field of money transfers. TF also operates its own fully licenced branch in Germany.

 “At this stage, our strategic goal is to become one of the major players in the EU remittance market. This makes it real to achieve serious financial and operational performance and leadership positions in the target market”, Phaneuf said.

GMTS2014

We chose to hold our 9th GMTS2014 at Level 39 in Canary Wharf, a renown technology accelerator space for those in Fintech.

Thank you to all our members who attended, and especially to those who sponsored: Ria Financial, Jumio, Dahabshiil, Omaar Global, Tempo Money Transfer, Grey Systems and Samsara Money Transfer.

The event brought together a diverse group of industry experts, regulators, and others from around the globe. We are delighted with the high calibre of speakers, who examined both the successes and challenges the industry face today. We believe we had a very productive, and at times a very passionate discussion. It was clear that the industry is adapting to this challenges and that technology is driving this changes. 

Next year is the 10th Anniversary of IAMTN, and we hope to be able to have a bigger and better event for which we need your support. If you are considering sponsoring this event, please let as know as soon as possible.