I-Remit's rapid business growth was achieved by establishing stronger footholds in the current markets where it operates and by opening new branches and entering into strategic partnerships in new markets. The Company pursues a strategy of opening subsidiaries or entering into joint ventures in areas with high densities of Filipinos in various countries around the globe. It also engages agents and partner tie-ups to augment its geographic reach and to establish its presence in countries with restrictive regulations on the operation of money remittance companies.
The latest addition to the Company's growing roster of overseas branches is the wholly owned subsidiary, I-Remit New Zealand Limited located in Manukau, Auckland that commenced operating commercially in February 2008.
In September 2007, the majority-owned I-Remit Europe Remittance Consulting AG started commercial operations in Vienna, Austria. The successful entry into the Austrian market is seen as a boost to further expansion in other European Union markets.
In the same year, the Company also entered into strategic partnership with Merchantrade Asia Sdn. Bhd., a mobile and remittance service provider in Malaysia.
The Company is currently present in 26 countries and territories around the world that includes subsidiaries and an associate in Australia, Austria, Canada, Hong Kong, New Zealand, Singapore, and the United Kingdom. Forthcoming in the second half of 2009, the Company projects to commence its remittance operations in Syria, through a tie-up in Damascus City.
I-Remit's desire to reach out to greater number of Filipinos and lay down the foundation for its transformation into a global remittance company led it to embark on a strategic expansion path that was successfully initiated with the IPO on October 17, 2007. Approximately 82-percent of the net IPO proceeds have been allocated for expansion and the establishment of new branches and to meet cash bond requirements in host countries. The IPO proceeds is being used principally to expand the scope of operations in countries where I-Remit is already present, i.e., Australia, Hong Kong, and Austria, start-up the operations in New Zealand, and establish new operations in Macau, Italy and the USA. The Company has initiated the procedures to obtain the necessary regulatory permits to operate in Macau and the USA. The expansion program which will run up to 2012 will also include the upgrading of application systems to build new operational capabilities and to improve customer service and fulfillment functions in Manila.
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