11 May 2005
Opportunity International UK - the international microfinance body - and HSBC are piloting a groundbreaking project - the Opportunity Card - to help Philippine migrant workers send the money they earn abroad back to their families in the Philippines more cheaply.
David Coates, CEO of Opportunity, commented: "The issue at present is that it is expensive to send money through secure channels, with fees averaging between 13-20 per cent. The Opportunity Card will mean that families and dependents will receive a much greater proportion of the money."
Under the remittance scheme, which is funded by a Euro 530,000 grant from the European Commission, Philippine workers will be able to send money back home through an HSBC website while designated family members will be given access to the money through any Cirrus (MasterCard) enabled ATM network. The pilot will initially be available to customers of Opportunity's two largest partners in the Philippines - TSPI and TSKI.
Stephen Green, Group Chief Executive of HSBC, commented: "In spite of increasing awareness of the problem of global poverty, the situation is still bleak for millions of people right across the globe. HSBC, as the world's local bank, is committed to finding ways to address the issue, along with other businesses and governments worldwide.
"The Opportunity Card is a small step in the right direction and means that a much greater proportion of this hard-earned money will reach the families it is intended to support."
The partnership between Opportunity International, one of the world's leading microfinance networks and HSBC, the world's second largest bank, aims to support a global drive involving organisations across all sectors to ‘Make Poverty History' during 2005, the UN's Year of Microcredit.
Mr Coates added: "Having such a wealth of banking expertise to draw on is absolutely invaluable. By promoting partnerships between the private sector and microfinance institutions, we are helping poor people receive the same opportunities to access the financial sector, which is a vital contributor in the fight against global poverty."
Media enquiries to pressoffice@hsbc.com
