i-Remit Inc. said on Friday its unit in Singapore ceased operation and will undergo liquidation.
i-Remit president and chief operating officer Harris Jacildo told the stock exchange i-Remit Singapore Pte. Ltd. surrendered its license to the Monetary Authority of Singapore. He said the company would undergo liquidation.
i-Remit established an office in Singapore in February 2014 to open more branches and strengthen the company’s presence in Singapore.
The company earlier partnered with Sterling Bank of Asia for the acceptance and fulfilment of remittance transaction of migrant Filipino workers in Saudi Arabia.
Sterling Bank also signed an agreement with FAWRI Money Transfer Services, the retail money transfer arm of Bank of ALJazira, for a remittance tie-up in the Kingdom of Saudi Arabia
Saudi Arabia hosts the most number of Filipino workers estimated at 1.2 million.
i-remit operates in 26 countries and around the world though its wholly-owned subsidiaries tie-ups and agents.