Market Overview

LumoXchange Expands Its Money Transfer Marketplace with the Launch of Payments to the Philippines


The $10.5 billion Philippines market represents a substantial
growth opportunity for the Little Rock based fintech company

LumoXchange, a ground-breaking financial technology (FinTech) payments
company, announced the launch of its money transfer service to the
Philippines -- the fourth largest payment corridor from the United
States. LumoXchange has built a platform that lets you compare exchange
rate offers from the leading banks in the Philippines and send money on
its platform. Users can get 1-2 Philippine Pesos more for every U.S.
dollar converted when sending money versus existing players in the

LumoXchange provides exchange rates from its partner financial
institutions in the Philippines and lets users compare exchange rates,
review customer ratings and send money. "Just like shopping for the
best-priced hotel room on, you can compare exchange rates and
convert your U.S. dollars to Philippines Pesos while saving up to 30
percent versus the competition," said LumoXchange Founder and CEO Maf

LumoXchange's Director of Marketing and Growth Joshua Ang Price is a
second-generation Filipino-American who has personal experience of
sending money abroad. "My family regularly sends funds to our relatives
in the Philippines, and I've seen first-hand how much money is lost in
exchange rate conversion. Although there are websites that compare
exchange rates, no company has been able to combine the comparing of
rates locally in the Philippines and send money on the same platform
until now," Price said.

Through LumoXchange's platform, Philippine banks compete to convert
inbound remittances to Filipino Pesos by offering competitive exchange
rates and options to pay beneficiaries directly into their bank account
or cash pick-up. Among the early supporters of LumoXchange's innovative
money transfer concept is the Philippine government-owned Development
Bank of the Philippines (DBP). According to First Vice President
George Inocencio
, "DBP is pleased to work closely with LumoXchange
to offer the best possible value to our mutual customers in a
transparent, convenient, and secure platform. We believe our kababayans
(countrymen) will be delighted when they see DBP's Peso exchange rate in
LumoXchange's platform. DBP completes the transfer chain by providing
remittance access to any bank account in the Philippines, and to
thousands of cash outlets nationwide."

LumoXchange's other bank partners include Banco de Oro (BDO), the
largest bank in the Philippines with over 8,000 locations, and Land Bank
of the Philippines, a government-owned bank with an extensive rural
branch network.

About LumoXchange

Headquartered in Little Rock, Arkansas, LumoXchange is one-stop shop
exchange rate comparison and international money transfer company.
Through its innovative Local Exchange Networks (LENs) created with local
financial institutions in each country, LumoXchange can provide cross
border payments using the real exchange rates at the local level. Easily
search, compare, and send money online with the great exchange rates.
LumoXchange is an alumnus of the VC
FinTech Accelerator by Empowered FIS
. For more information about
LumoXchange, visit

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