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Business trends

Philippines' $30bn remittance market lures digital upstarts

App-based players shake up industry with low-fee transfers and shorter wait times

Western Union and Cebuana Lhuillier are using financial technology to grab a piece of the Philippine remittance industry.    © Reuters

MANILA -- The Philippines, the world's fourth-biggest remittance destination, has become a fierce battleground for homegrown startups and Western players seeking a bigger slice of the market.

Wielding perks like lower fees and shorter wait times, financial technology players are opening cracks in the dominance of traditional banks and remittance companies in a country that receives more than $30 billion a year from those working overseas.

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