Joshua Price
Financial technology company LumoXchange of Little Rock announced Monday the launch of its money transfer service to the Philippines — the fourth largest payment corridor from the United States.
LumoXchange launched its currency exchange marketplace in June. Its online platform lets users compare exchange rate offers from the leading banks in the Philippines and send money. The company said users can get one or two more Philippine Pesos for every U.S. dollar converted when sending money compared to existing players in the market.
Joshua Ang Price, director of marketing and growth, is a second-generation Filipino-American who has personal experience of sending money abroad, according to the company.
“My family regularly sends funds to our relatives in the Philippines, and I’ve seen first-hand how much money is lost in exchange rate conversion,” he said in a news release. “Although there are websites that compare exchange rates, no company has been able to combine the comparing of rates locally in the Philippines and send money on the same platform until now.”
Through the platform, Philippine banks will compete to offer the best exchange rates and with options that include depositing funds into beneficiaries’ bank accounts or allowing them to pick up cash.
The Philippine government-owned Development Bank of the Philippines is an early supporter of LumoXchange, the company said.
“DBP is pleased to work closely with LumoXchange to offer the best possible value to our mutual customers in a transparent, convenient and secure platform,” First Vice President George Inocencio said in the release. “We believe our [countrymen] will be delighted when they see DBP’s Peso exchange rate in LumoXchange’s platform. DBP completes the transfer chain by providing remittance access to any bank account in the Philippines, and to thousands of cash outlets nationwide.”
Other bank partners include Banco de Oro and Land Bank of the Philippines.
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