LumoXchange Launches In Philippines; UAE Exchange Rebrands Fiji Business

Welcome to The Axis, your late look at payments news from around the world. Coverage includes LumoXchange’s launch in the Philippines. In addition, Wirecard Brazil is rolling out new features for entrepreneurs, and UAE Exchange has rebranded its operations in Fiji.

LumoXchange has unveiled the launch of a money transfer service to the Philippines that allows consumers to compare exchange rates between banks in the country, the company said in an announcement. Through the platform, banks vie for customers by offering competitive exchange rates as well as different options for beneficiaries, such as cash pick-up or direct bank account payments.

Banking partners of LumoXchange include Banco de Oro (BDO), which the company said is the largest banking in the Philippines, as well as Land Bank of the Philippines. The Development Bank of the Philippines (DBP) was also an early supporter of the platform.

In other news, Wirecard Brazil is launching new features for its smaller clients as part of its mission to help entrepreneurs, according to reports. With the new features, entrepreneurs will be able to make bill payments and transfers to third parties. And, in the future, Wirecard plans to offer entrepreneurs lending services and card solutions to help them with financial management.

In a statement, Wirecard Brazil Managing Director Igor Senra said, “these new financial features are part of a larger project that will allow our customers to use the money from their sales in various ways, all through one platform, regardless of the business model.”

And global money transfer brand UAE Exchange has renamed its operations in Fiji to Unimoni, The Fiji Times reported. The name change comes among the company’s rebranding efforts across the Middle East, Africa, Europe, India and the Asia Pacific (APAC). The company’s commercial director and business head in Fiji, Ritesh Singh, told the paper that “the rebranding will set the stage for our expansion plans across the island.”