MANILA, Philippines – Filipino-led fintech BayaniPay has launched the first-ever Filipino
American neobank with features powered by East West Bank, the largest independent bank
headquartered in Southern California.
This is the first time that East West Bank has made its digital banking platform available to
enable Banking-as-a-Service.
Borderless Banking for Global Professionals
In the United States, underserved markets such as new immigrants are unable to secure
financial services, making it harder for them to fulfill financial responsibilities in their home
countries. BayaniPay aims to address this by reducing the barriers to opening a bank account
and making seamless cross-border payments.
BayaniPay launched in November 2021, providing zero-fee remittances from California to the
Philippines and market-leading foreign exchange rates in partnership with BDO Unibank. By
integrating bank products into its platform, BayaniPay aims to address another pressing need
of the estimated 4.2 million U.S.-based Filipinos.
“Filipino Americans are one of the largest Asian American groups in the United States, with a
$145 billion purchasing power. Despite their significant market size and buying power, no bank
has catered to their financial needs and responsibilities both here and in the Philippines,” said
BayaniPay CEO Winston Damarillo.
“As an immigrant myself, I’ve had firsthand experience with how financial services for global
professionals were sorely lacking or came with high fees. That’s why we created BayaniPay,”
he said.
“As a premier financial bridge between the United States and Asia, we have developed robust
digital banking capabilities to meet our customers’ cross-border needs,” said Parker Shi,
Executive Vice President and COO of East West Bank.
“We introduced direct-to-consumer digital banking services to provide customers around the
world with comprehensive solutions that fit their lifestyle. This partnership enables fintech
providers like BayaniPay to embed our products and services to serve a whole new group of
customers,” he added.
A Financial Bridge to the Philippines
BayaniPay’s pioneering neobank lets users open an East West Bank-powered Easy Digital
Checking Account, order a co-branded Visa debit card, and send zero-fee, faster remittances to
the Philippines. True to its promise of “borderless banking,” the updated suite of features aims
to create a seamless experience for both users and their beneficiaries overseas.
With the launch of the neobank, recipients in the Philippines can now receive their BayaniPay
remittances in 12 hours or less through most national banks, as well as many rural banks,
pawnshops, or cash pick-up outlets. By sending money using BayaniPay’s market-leading
foreign exchange rates, recipients receive more of their money for every dollar sent—a
significant benefit to recipients of regular remittances and charitable donations.
Looking ahead, BayaniPay aims to streamline a variety of cross-border transactions for global
professionals from different countries of origin.
BayaniPay is currently available in California, with availability in more states soon to follow.
About BayaniPay
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. For more
information, visit bayanipay.com.
BayaniPay is a fintech company, not a bank. Bank products and services are offered through
East West Bank.
About East West Bank
East West Bank helps customers reach further and connect to new opportunities. The bank is
the largest independent bank headquartered in Southern California, operating over 120
locations in the United States and China. East West’s markets in the United States include
California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas, and Washington. In
China, East West’s presence includes full-service branches in Hong Kong, Shanghai, Shantou,
and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, and Xiamen. East
West Bank is a wholly-owned subsidiary of East West Bancorp, which trades on the Nasdaq
Global Select Market under the symbol “EWBC.” For more information on East West, visit the
Company’s website at www.eastwestbank.com.