Quikz will be powered by Nium's global payment rails and real-time capabilities to increase remittance reach for Filipinos in Singapore who send money to their loved ones back in the Philippines
SINGAPORE, Jan. 20, 2021 /PRNewswire/ -- Quikz, Cebuana Lhuillier's flagship mobile remittance app in the US, is now available in Singapore, made possible through a partnership between Cebuana Lhuillier and Nium, a global financial technology platform based in Singapore. Quikz will be powered by Nium's trusted Remittance-as-a-service (RaaS) solution and Cebuana Lhuillier's huge network of pay-out locations in the Philippines, allowing thousands of Filipinos based in Singapore to enjoy improved convenience, security, and real-time global transactions.
Yogesh Sangle, Executive Vice President and Global Head of Consumer and SME Business at Nium, said, "With millions of Filipinos living and working overseas for their loved ones back home, the convenience and transparency in remittance processes play such an essential role -- especially with continued social distancing measures and lockdowns in place. We are extremely excited that Cebuana Lhuillier, a home-grown Filipino brand, shares a common goal with Nium, and we are proud to co-establish and power this new platform through our enhanced remittance capabilities."
For Jean Henri Lhuillier, Cebuana Lhuillier President and CEO, the expansion of Quikz in Singapore heralded the company's commitment to financial inclusion for every Filipino, regardless of their location. "Cebuana Lhuillier's core of Financial Inclusion always pushes us to provide better micro-financial services to Filipinos, wherever they may be. This new partnership with Nium strengthens our remittances services to ensure that Filipinos around the world have access to fast, reliable, and safe transactions," he shared.
The Philippines is one of the world's leading remittance markets. As of 2019, there are an estimated 12 million Filipinos who are working overseas, accounting for one-tenth of the country's population, with Singapore having one of the third-highest share of overall remittances. In that same year, the Philippines saw US$33.5 billion sent back home from those working abroad. The country has made significant efforts to meet the growing demand for a remittance service that is faster, more convenient and efficient in today's cashless society.
Cebuana Lhuillier will leverage Nium's global network and digital capabilities, as well as partnerships with leading technology providers like Ripple, to enable instant, reliable and low-cost payments. Recipients in the Philippines will be able to receive the money at more than 2,500 branches located across the Philippines.
Ripple leverages innovative technology to deliver a range of financial solutions to a global network of partners.
Nium currently operates its Send, Spend and Receive business in over 100 countries, 65 in real-time. For more information about Nium's enterprise offerings, please visit http://www.nium.com.
P.J. Lhuillier, Inc. (PJLI) is the proud parent company of Cebuana Lhuillier, the Philippines' largest microfinancial services provider that offers pawning, remittance, micro insurance, bills payment, e-load, business-to-business solutions services, and micro savings and other banking services through their banking arm, the Cebuana Lhuillier Rural Bank. For more than 30 years, Cebuana Lhuillier continuously provides fast, easy, secure, and convenient microfinancial products and services to more than 30 million customers through over 2,500 branches nationwide. The company has also expanded its services into the digital space through the eCebuana App, a product of the Cebuana Lhuillier Rural Bank, and a host of other financial platforms such as Cebuana From Home, ProtectNow.com and the Cebuana Lhuillier Jewelry website.
Cebuana Lhuillier is committed to its purpose of bringing financial inclusion to the majority of Filipinos, and has remained at the forefront of its industry through its many product innovations and leadership in customer service. Its commitment to excellence has given rise to many countless accolades and recognitions here and abroad.
Nium is a global financial technology platform redefining the way consumers and businesses send, spend and receive funds across borders. The company is continuously innovating to provide the most relevant and agile solutions to meet the needs of consumers and businesses, having evolved from solely focusing on consumer remittance via InstaReM, to also providing fintech solutions for businesses. Nium is regulated in Australia, Canada, European Union, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, United Kingdom and the United States of America, and processes billions of dollars a year for banks and payments institutions, the next generation of e-commerce players, OTAs and retail users across the world. Nium's investors include Visa, BRI Ventures, Vertex Ventures, Vertex Growth, Fullerton Financial Holdings, GSR Ventures, Rocket Internet, Global Founders Capital, SBI Japan, FMO (Netherlands Development Finance Company), MDI Ventures, Beacon Venture Capital and Atinum Investment.
For more information, visit: http://www.nium.com.
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