About the size of the market surrounding OFW and the market share we aim for | CEO’s Message


About the size of the market surrounding OFW and the market share we aim for | CEO’s Message

The latest data from the government shows about 12 million OFWs.

But we will focus mainly in Asia and Europe.

We are only targeting about 15% of the OFWs and will focus on the markets where we have an advantage in fees.

We are looking at less than $2.00 per remittance regardless of amount. And we hope to hit our target in the 5th year of our operations.

Malaysia accounts for 900,000. Japan is about 350,000.Hong Kong has about 170,000. Singapore, 160,000. South Korea is around 80,000 and Taiwan has 90,000.

Roughly, Asia totals to 1,750,000 of the OFW population. The average remittance fee is more than $3.00. This gives us an advantage.


Latest news also indicated that Japan is setting aside another 200,000 job opportunities for Filipinos.

Europe has a big potential. Apart from the growing demand for OFWs as new markets/countries are opening doors for OFWs.

At present, Italy has the biggest population of OFWs with 260,000. The UK has the next at 200,00. Germany, Greece, Spain and France has about 50,000 each. Finally, Switzerland has 20,000.

Combined, Europe accounts for 680,000, but this has a good potential to grow in the next few years.

The minimum fees range from15-20 Euros.

So Asia and Europe totals close to 2.5 million. That is the 15% of the total OFW population that we are targeting.

The average cash remittance  is around P44,000-48,000. But there are extremes that amount to around P150,000 coming from Europe and Singapore. These are perhaps from professionals.

At $2.00 monthly from 1.8 million transactions, we expect to generate $3.6 million annually.

And with our cash outlay for our business applications costing us roughly $6.5 million and our operating expenses of roughly $800,000 annually, we expect ROi in the 3rd to 4th year of operations on the remittance fees alone.

Confidentially, however, with the activation fees of each subscriber initially set  at $1.98 paid one time by the OFW, if we reach the 1.8 millions users in the next 3 years, we expect our ROI within the next 2 years.

The virtual coin exchange is just icing on the cake, so to speak. We are including that in the package, since our platform allows us to do so.

We are not expecting much income from this activity, about $500-800 thousand annually. It could cover our operating expenses.

We are operating with less than 20 personnel, much of these are with our IT security team.

Another source of income is the forex. Since the OFWs will have an option to have their funds converted into Pesos.


Our business application provides a daily forex conversion update. This art of the business has a good potential. We can gain about P0.03 to the dollar. Setting an average of $1,000 per remittance, this has a potential of generating an additional P648 million in operating income for each year. (1,000 x .03 x 12 months x 1.8 million OFWs).


If we hit just 30% of our target in the 1st year, that translates to P194 million in additional operating income.

Another source of income is the transaction fees that the wallet application may bring in. This application is similar to the Cash or Smart wallet currently being used by the 2 major mobile phone companies.

The basic fee is 0.1% of the transaction value collected from the business establishment which makes the sale.

We will partner with schools for the tuition fees, real estate companies, car dealers, retail establishments, even possibly major hospitals.

Again, similar to the virtual currency application, this will just be gravy. The opportunity is already there, might as well take advantage of it.

As to the products and services we offer, I already mentioned what we intend to do. But I will list them down, just the same:

  1. Remittance;
  2. Virtual Currency Trading
  3. FOREX; and
  4. E-wallet.