Fintech player automates OFWs' property shopping

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Metro Manila (CNN Philippines, April 20) — Financial technology firm BayaniPay, powered by Sy-led BDO Unibank, hopes to cash in on the ₱1-trillion real estate market as it enables US-based Filipinos to invest in properties in the Philippines.

In a statement Thursday, the company announced the expansion of its services to allow Filipinos in the US to directly settle their payments for homes and properties. It teamed up with property developers SM Development Corp. and Ortigas Land Corp. to jumpstart the venture.

"We see a huge potential in this highly untapped market, which is marked by several barriers for overseas Filipinos. These partnerships allow us to plug the gap in cross-border payments for the real estate investment market worth ₱1 trillion," BayaniPay CEO Winston Damarillo said.

"Our partnerships with key industry leaders enable Filipino immigrants to conveniently pay their property investments in the Philippines at zero transaction fees and with competitive exchange rates," he added.

Previous data from the World Bank showed overseas Filipinos allot as much as 60% of their remittances to property investments in the Philippines.

Last year, the homegrown fintech firm raised $4.5 million in fresh funds to boost its banking services for the Filipino American remittance market.