WSBI supports Philippine Postal Savings Bank to execute fair value remittances services for migrants
[16 03 2007]
At the regional group meeting of the Asian members of the World Savings Banks Institute (WSBI), celebrated today 16 March in Manila, savings banks from 17 Asian countries confirmed their commitment to closely cooperate and paid particular attention to the impact of migration, as a key driver of local economic development and business growth.
Mr. José Antonio Olavarrieta, President of WSBI declared: “Migrants represent a particular “niche” of clients with particular needs for financial products and services, both in the home and in the host country. The required services are different, especially in the host countries due to the different background, culture and nationality of these migrants. Savings banks are ideally positioned to serve these particular client segments, thanks to their close relationship with their customers and their ability to propose low-value and low-volume products in a profitable way.”
Mr. Rolando L. Macasaet, President and Chief Executive Officer at Philippine Postal Savings Bank and Mr. José Antonio Olavarrieta, WSBI President, signed a memorandum of understanding in order to assist the Philippine Postal Savings Bank in the identification of key remittance corridors. “Thanks to this Memorandum, we will be able to set up the necessary contacts and frameworks with other WSBI members to execute fair value remittance services”, declared Mr. Rolando Macasaet.
This memorandum of understanding is part of WSBI’s three pillar strategy in remittances. These pillars are:
- Contributing to the definition of policy by public authorities and international organisations,
- Mobilising WSBI members to participate in the provision of solutions in the remittances market
- Supporting the provision of end-to-end certainty and quality.
WSBI (World Savings Banks Institute) is the only global representative of savings and retail banks. Founded in 1924, it represents savings and retail banks and associations thereof in 89 countries of the world (Asia-Pacific, the Americas, Africa and Europe – via the European Savings Banks Group). As the international voice of savings and retail banking, WSBI works closely with international financial institutions and donor agencies. It thereby represents savings and retail banks’ interests at an international level and facilitates the provision of access to finance worldwide, in developing or developed regions. WSBI members are typically savings and retail banks or associations thereof. They are often organised in decentralised networks and offer their services throughout their region. WSBI member banks have reinvested responsibly in their region for many decades and are one distinct benchmark for corporate social responsibility activities throughout the world.