Banking on domestic help

There are more than 170 licensed banks in Hong Kong. Besides the major ones serving the general population and which own prominent buildings bearing their names, there are lesser-known institutions catering mainly to minorities such as domestic helpers, imported labour and non-Chinese, non-Western ethnic groups.

Most of the 130,000-plus Filipinos in Hong Kong - the third-largest ethnic group after the Chinese and Indonesians (based on the 2011 census) - regularly send money to their families back home. In 2011, remittances from the SAR to the Philippines reached almost HK$368 million, based on bank data compiled by the Philippines' central bank.

Some of them are served by BPI Remittance Centre (HK), a subsidiary of BPI International Finance, which in turn is a subsidiary of Bank of the Philippine Islands, one of the nation's leading banks. It has four branches strategically located in Hung Hom, Tsuen Wan, Central and Yuen Long.

Aside from handling remittance transactions, BPI also 'assists [clients] in opening ATM savings accounts in the Philippines,' says managing director Benjamin Panganiban Jr. 'The signature card is signed here and then we endorse it in the Philippines. They can then collect the ATM card from any of our branches here. Once the clients have activated the account in the Philippines, they can then use the ATM card to withdraw money in the local currency in the Philippines or here in Hong Kong.'

BPI also offers money exchange services, mostly converting Philippine pesos to Hong Kong dollars and vice versa. Being mainly a money service operator, BPI's limited licence prevents it from further extending its services.

BPI's remittance centres also serve non-Filipino customers. 'Some clients are Chinese who have children studying in the Philippines and remit through us,' says Panganiban.

Part of Panganiban's promotional responsibilities is socialising regularly with various Filipino associations. 'Normally, on a Sunday, I go to association meetings and gatherings to informally promote BPI. We also help sponsor special events such as the [June 12] Philippine Independence Day celebration.'