BayaniPay was designed to meet the specific requirements of Asian American global professionals.
LOS ANGELES, California – BayaniPay, a fintech company with the mission of enabling borderless banking, today launched a web app to empower global professionals working abroad to take care of their families and communities back in their home countries.
BayaniPay was designed to meet the specific requirements of Asian American global professionals, who make up over 25% of the foreign-born labor force in the United States. Most of these global professionals currently rely on brick-and-mortar remittance centers to send money to their loved ones. This laborious and time-consuming approach is accompanied by high transaction fees, complicated processes, and limited access to other crucial financial services such as loans, savings, and investments.
BayaniPay takes its name from “bayani,” the Filipino word for “hero”—a term often used to describe global professionals in their home countries. Born out of a partnership between inclusiontech venture studio Talino Venture Labs and leading Asian American multimedia publisher The Asian Journal, BayaniPay received funding from Wavemaker Partners, a cross-border venture capital firm investing in early-stage startups in the United States and Southeast Asia.
“With BayaniPay, we are delivering accessible, affordable, and secure financial services to global professionals, starting with more convenient and fairer-priced remittances. We will initially serve the Filipino-American community in the U.S., and we look forward to extending our borderless banking services to the broader Asian American community,” said Winston Damarillo, CEO of BayaniPay.
BayaniPay’s remittance partner in the Philippines is BDO Unibank, the largest bank in the Philippines. Remittances sent via BayaniPay can be claimed at over 1,400 branches and more than 4,400 ATMs of BDO Unibank nationwide, as well as at 8,000+ BDO Cash Agad outlets, which are mostly located in rural areas. These include sari-sari stores (neighborhood convenience stores), grocery and hardware stores, and gas stations.
BayaniPay is also partnering with Seafood City, the leading Filipino supermarket chain in North America with 32 locations. A cornerstone of Filipino communities, Seafood City serves as an anchor to Filipino businesses and essential services such as immigration offices. Under the partnership, the two companies are conducting joint marketing, in-store promotions and co-branded loyalty programs, which will be fully launched later in the summer.
BayaniPay’s mission is to use technology to break down the borders in banking and level the playing field for all global citizens. Based in Los Angeles, its first mobile service empowers global professionals working abroad to take financial care of their families and communities back in their home countries. BayaniPay Inc. is a partnership among Talino Venture Labs, The Asian Journal, and Wavemaker Partners, and is the authorized agent of BDO Unibank, the Philippines’ largest bank. For more information, visit bayanipay.com.
This article was originally published in the Press Section of the BayaniPay website last July 28, 2021.