Riding on strong growth in 2020, the company hopes to grow in the C2C and B2B segments by providing safer, cheaper, faster and seamless cross border, digital innovative payment solutions.
The Singapore-based remittance company has seen its fortunes grow in the past year amid Covid-19, which has brought growing demand to its services as worker mobility has been limited. The company has experienced 40 percent year-on-year growth, its chief executive Srihari Sikhakollu told finews.asia.
«There's a massive opportunity in Southeast Asia in the next five years, with growing awareness of digital transfers and financial inclusion, especially among migrant workers,» Sikhakollu said, noting that the company is ramping up its outreach and partnership efforts.
Before joining eRemit at the start 0f 2021, Sikhakollu spent two decades in the banking industry managing various portfolios for banks like Citi, ABN Amro, CIMB, UOB and most recently at Hong Leong Bank, where he was general manager and head of payments and partnerships.
Expanding Ecosystem
Discussing industry trends, Sikhakollu said the advent of national cross-border payment infrastructures, such as the recently launched PayNow-PayPrompt link between Singapore and Thailand, aren't the death of remittance firms like his.
He said these developments are complementary and will enhance the value and awareness of remittance services and their adoption by all segments. For eRemit, it is focusing on expanding its network partnerships and ecosystem across the globe to pass on savings to customers.
«At the end of the day, whether it is a banking system or any other ecosystem, they have to be profitable. The key is offering value, speed and security,» Sikhakollu said.
B2B Growth
Founded in 2018, eRemit is backed by Malaysia's Merchantrade Asia and QALA Tech. As part of its growth plans, eRemit Singapore is expanding its remittance services in the B2B segment to support small and medium-sized enterprises (SMEs) to process faster and more flexible business transfers within the Asia-Pacific region.
The company also announced its entry into the insurtech space with an insurance scheme for migrant workers in Singapore, offered in partnership with Hong Leong Assurance.
