One World Connect, a UK-based company that facilitates remittances from the UK and Australia to the Philippines, recently announced a partnership with Philippine National Bank (PNB) to expand the options the firms offer recipients in the Philippines. Users can now receive money transfers in cash at 700 PNB branches or directly into their PNB accounts, whether denominated in pesos or US dollars. For example, a user can send AUD 150 (USD 110) from Australia to a family member in the Philippines for a fee of AUD 2 (USD 1.50).
One World Connect CEO Darwyn Palenzuela said, “This partnership provides our customers with greater flexibility and convenience for their loved ones to receive their money through either online credit particularly to PNB bank accounts, or cash payout through PNB’s extensive location[s] throughout the Philippines.”
Established in 2018, One World Connect offers remittances services through which recipients in the Philippines can receive money into GCash or PayMaya e-wallets or in cash at the locations of five other companies. The firm is in the process of expanding to provide outgoing transfers from Canada as of 2022.
The government of the Philippines established PNB in 1917, and the bank has 1,500 automated teller machines (ATMs) in the country as of 2022. It also has approximately 70 locations in other parts of Eurasia as well as North America. As of December 2020, PNB has total assets of PHP 1.23 trillion (USD 24 billion), and it reports annualized return on equity of 14 percent and return on assets of 1.8 percent for the quarter ending September 2021.
By Sheen Gupta, Research Associate
Sources and Additional Resources
EIN Presswire press release
https://www.einnews.com/pr_news/560050605/one-world-connect-partners-with-philippine-national-bank-pnb-for-online-remittance
One World Connect homepage
https://www.oneworldconnect.net/
Apple App Store listing of One World Connect app
https://apps.apple.com/au/app/one-world-connect-remittance/id1524633110
Google Play listing of One World Connect app
https://play.google.com/store/apps/details?id=com.oneworldconnect
PNB homepage
https://www.pnb.com.ph/
PNB quarterly financial statements
https://www.pnb.com.ph/index.php/investor-relations/quarterly-financial-statements
GCash homepage
https://www.gcash.com/
PayMaya homepage
https://www.paymaya.com/
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