Through this new solution, Netbank provides a dedicated bank account for international remittance companies to facilitate inbound transactions from overseas and local disbursements into different bank accounts and wallets.

Netbank has already partnered with TransferGo, a global payment service provider registered in the United Kingdom, for this solution.

TransferGo was able to facilitate inbound transactions in GBP and USD from overseas and was able to disburse PHP into different local bank accounts and wallets via an Application Programming Interface (API) connection.

Augmante Alisauskaite, Senior Relationship Manager of TransferGo said,

“Despite the complexities of navigating regulatory requirements, the Netbank team demonstrated a high level of expertise throughout the process.

Their approach allowed us to build one of the best products in the market. The innovative approach taken by their team has truly set them apart as a partner.”

Alain Abadiano, Head of International Accounts and Payments Solutions of Netbank said,

“With the large presence of Filipino migrant workers all around the globe, and increasing B2B trade flows, there is a huge opportunity for international remittance companies serving the Philippines.

Netbank is here to provide innovative solutions to these companies and ensure that their business transactions here in the Philippines will be seamless and efficient.”

<h1>Netbank Launches Solution to Ease Remittances to the Philippines</h1>Netbank, a Banking as a Service (BaaS) platform, has launched a solution that allows international remittance companies to facilitate cross border payments into the Philippines.Through this new solution, Netbank provides a dedicated bank account for international remittance companies to facilitate inbound transactions from overseas and local disbursements into different bank accounts and wallets.Netbank has already partnered with TransferGo, a global payment service provider registered in the United Kingdom, for this solution.TransferGo was able to facilitate inbound transactions in GBP and USD from overseas and was able to disburse PHP into different local bank accounts and wallets via an Application Programming Interface (API) connection.<img style="max-width:100%;height:auto;" src="https://vritimes-public.s3.ap-southeast-1.amazonaws.com/production/f43625811963c0cde6e86b3cb88cac29f3747766d381aa0bb4636285e0d5acff/Augmante-Alisauskaite-300x300.jpg" alt="Augmante Alisauskaite"/>Augmante Alisauskaite, Senior Relationship Manager of TransferGo said,“Despite the complexities of navigating regulatory requirements, the Netbank team demonstrated a high level of expertise throughout the process.Their approach allowed us to build one of the best products in the market. The innovative approach taken by their team has truly set them apart as a partner.”Alain Abadiano, Head of International Accounts and Payments Solutions of Netbank said,“With the large presence of Filipino migrant workers all around the globe, and increasing B2B trade flows, there is a huge opportunity for international remittance companies serving the Philippines.Netbank is here to provide innovative solutions to these companies and ensure that their business transactions here in the Philippines will be seamless and efficient.”We give fintechs a total toolkit, so they can focus on their clients and their growth. The same tools allow non-bank networks (pawnshops, MFIs, employers, insurers) to offer complete banking services to their clients. We are excited by seeing other organizations succeed.

Our goal is to allow Filipinos to get safe and reliable banking from the channels and institutions they already trust.Netbank.ph
+6328708-7087
support@netbank.ph

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Netbank, a Banking as a Service (BaaS) platform, has launched a solution that allows international remittance companies to facilitate cross border payments into the Philippines.

Netbank Launches Solution to Ease Remittances to the Philippines

Founded by&nbsp;<a href="https://www.linkedin.com/in/gus-poston-47a51a/" target="_blank">Gus Poston</a>&nbsp;and&nbsp;<a href="https://www.linkedin.com/in/david-paulo-dela-paz/" target="_blank">David Paulo Dela Paz</a>&nbsp;in 2019, Netbank claims to be the first banking-as-a-service platform of its kind in Southeast Asia. It offers businesses a range of services that simplify opening accounts, managing payments, and handling SME loans through partnerships with financial institutions.

The company said it turned profitable in March, claiming that its deposits have grown by 14x, loans by 5.5x, and assets by 16x within the past 12 months.

This series A raise is Netbank’s first VC-backed round, according to Poston.

Poston said Netbank’s growth has been driven by the Philippines’ underdeveloped SME lending market. “The level of SME lending as a percentage of GDP in the Philippines is approximately 3%, versus 37% in Thailand,” he tells&nbsp;Tech in Asia.&nbsp;

The executive attributes this to the high level of risk aversion within banks in the country, and the technical challenges of onboarding new clients.

The company said it currently has around 20 different financial solutions in the pipeline. In the long term, it also wants to expand outside the Philippines.

<h1>Philippine banking software firm Netbank closes series A funding</h1>Philippine-based fintech firm Netbank has raised an undisclosed amount in a series A funding round led by Beenext, with Kaya Founders and Oak Drive Ventures participating.Founded by&nbsp;<a href="https://www.linkedin.com/in/gus-poston-47a51a/" target="_blank">Gus Poston</a>&nbsp;and&nbsp;<a href="https://www.linkedin.com/in/david-paulo-dela-paz/" target="_blank">David Paulo Dela Paz</a>&nbsp;in 2019, Netbank claims to be the first banking-as-a-service platform of its kind in Southeast Asia. It offers businesses a range of services that simplify opening accounts, managing payments, and handling SME loans through partnerships with financial institutions.The company said it turned profitable in March, claiming that its deposits have grown by 14x, loans by 5.5x, and assets by 16x within the past 12 months.This series A raise is Netbank’s first VC-backed round, according to Poston.Poston said Netbank’s growth has been driven by the Philippines’ underdeveloped SME lending market. “The level of SME lending as a percentage of GDP in the Philippines is approximately 3%, versus 37% in Thailand,” he tells&nbsp;Tech in Asia.&nbsp;The executive attributes this to the high level of risk aversion within banks in the country, and the technical challenges of onboarding new clients.The company said it currently has around 20 different financial solutions in the pipeline. In the long term, it also wants to expand outside the Philippines.We give fintechs a total toolkit, so they can focus on their clients and their growth. The same tools allow non-bank networks (pawnshops, MFIs, employers, insurers) to offer complete banking services to their clients. We are excited by seeing other organizations succeed.

Our goal is to allow Filipinos to get safe and reliable banking from the channels and institutions they already trust.Netbank.ph
+6328708-7087
support@netbank.ph

Internet service

Mobile app

Philippine-based fintech firm Netbank has raised an undisclosed amount in a series A funding round led by Beenext, with Kaya Founders and Oak Drive Ventures participating.

Philippine banking software firm Netbank closes series A funding

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We give fintechs a total toolkit, so they can focus on their clients and their growth. The same tools allow non-bank networks (pawnshops, MFIs, employers, insurers) to offer complete banking services to their clients. We are excited by seeing other organizations succeed.

Our goal is to allow Filipinos to get safe and reliable banking from the channels and institutions they already trust.