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TransferMate has added the ability to open a Philippines peso Global Account. Any peso account opened by a TransferMate client or partner will be locally based in the Philippines and come with unique BIC and IBAN details.
This brings the number of available currencies on Global Accounts to 32, with more in the pipeline for 2024. In the APAC region, with Philippines peso added TransferMate now offers Global Accounts in Malaysian ringgit, New Zealand dollar, Australian dollar, Chinese CNH, Hong Kong dollar, Japanese yen, and Singapore dollar.
“The Philippines peso will be a key cog in our APAC coverage, and will support our clients and partners to do business both in the country itself and across the region” said Jonathan Church, Virtual Accounts Product Manager in TransferMate. “It’s particularly useful for E-Commerce platforms and their merchants, as it allows them to facilitate purchases and move funds between currencies much more efficiently.”
Depending on the jurisdiction an entity is based, funds in Philippines peso can be held in the account, sometimes indefinitely, giving greater flexibility in when to buy and convert peso. As with all Global Accounts covered by TransferMate, any user can open up a Philippines peso account in seconds.
“We’re continuing to invest into our infrastructure in the region, from our licensing footprint to our currency capabilities, and our partners are seeing the benefits of that work” said Sinead Fitzmaurice, CEO of TransferMate. “That infrastructure is already being leveraged by major multinational partners in the region and across the world, and is delivering significant value for them and their customers.”
Go here for more information on the Global Accounts solution, and find out how you can leverage the solution as a partner by contacting the team.
