On 19 January 2009, Philippines-based remittance firm, iRemit Inc
announced its plan to acquire upto 49% stake in Hwa Kung Hong Co. Ltd., a
Taiwan-based remittance company, in a deal valued at about NTD2.45
million. Currently, Hwa Kung Hong Co. Ltd has partnered with iRemit Inc to provide services to
overseas Filipino workers. Earlier, iRemit stated that it is focusing on forging strategic partnerships
and alliances in the Philippines and abroad to leverage on the strong remittance inflows from
overseas Filipino workers. As of October 2008, the remittance volume for iRemit had increased by
47% to $902 million while the number of pick up centres of the company had increased to 3,635
across the nation and 610 outlets globally.
