Philippines: Denarii , a cross-border payment technology platform, recently secured a remittance license from the Bangko Sentral ng Pilipinas (BSP).
Denarii was granted a remittance license by the BSP, enabling it to conduct money transfers to and from the Philippines. Consumers, businesses, and financial institutions can now use the Denarii app and its API infrastructure to send money from the Philippines to any of 150+ countries at the same time, technology companies that would like to send money to the Philippines can leverage our technology.
In 2020, the Philippines ranked fourth among the top five receiving countries in terms of personal remittance inflows, with more than $34 billion US dollars, and outflows of more than $211 million. This allows Denarii to expand its API infrastructure, allowing financial institutions and technology companies located outside the Philippines to connect to Denarii and provide the best international money transfer services to their clients and businesses.
“Securing the license from BSP is a huge milestone for Denarii. Before denarii, if you want to offer a competitive rate on remittances to your platform, you would need to establish a direct relationship with each settlement network in the Philippines and integrate them separately to provide multiple ways for your family to receive your remittances. It will take months, money, and resources to complete. Now, with Denarii, you’ll have access to all of this integration from day one, allowing you to offer your customers a variety of payout methods at the most competitive rate. ”
–Jon Edward Santillan – CEO Denarii
Denarii recently announced a partnership with Asia’s largest debt-based crowdfunding finance platform “SeedIn Technology” to provide more financial access to Filipinos by empowering more small businesses and promoting financial inclusion for every Filipino.
Read: Denarii and Seedin Technology collaborate to bring Filipinos closer to home
Securing the remittance license from the BSP has opened new doors for Filipinos. This will help both Denarii and BSP to achieve their goals by providing more financial freedom to Filipinos. In the future Denarii is also planning to secure a similar license in KSA, UAE and Bahrain.
About Denarii
Denarii was founded in 2018 by Jon Santillan who brought talent over from his last startup. Denarii is backed by 500 Startups, Abu Dhabi Investment Authority, Class 5, IMO.VC, Foxmont Capital, Mountain Partners and other Middle East angel investors. Denarii enables money transfer using a mobile app, web and an API to help consumers, businesses and FinTech companies to send money internationally cheaper, better with no hidden charges.