BPI partners with SingX for instant fund transfers from Singapore

Ayala-led Bank of the Philippine Islands (BPI) has partnered with SingX Singapore Pte. Ltd. to enable clients in Singapore to transfer funds instantly to their beneficiaries' BPI accounts for a $3.75 fee per transaction.

Under the partnership, users can send money through SingX's fully digital platform without transaction limits.

Payments to the Home Development Mutual Fund (Pag-IBIG) and the Social Security System (SSS) will be free of charge.

Users must complete a one-time verification process before initiating transfers.

BPI estimates that around 800,000 Filipinos were residing and working across Singapore, Hong Kong, and Australia in 2024.

Joel De Vera, head of strategy under BPI's Strategy, Products, & Support Group for Institutional Banking, stated that SingX is a strategic partner due to its innovative technology, global reach, and customer-centric approach.

He added that SingX's platform allows Filipinos abroad to send money home seamlessly through a fully digital experience, aligned with BPI's commitment to digitalization.