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Visa Money Travels Digital Remittances Report: Close to nine in 10 Singapore residents send remittances at least once a year

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SINGAPORE, July 10, 2024 /PRNewswire/ — Visa, a world leader in digital payments, has released the results of its Money Travels: 2024 Digital Remittances Adoption Report, with 86 per cent of Singapore residents sending or receiving money at least once a year, and digital apps is their preferred remittance method.

The Money Travels: 2024 Digital Remittances Adoption Report examines how consumers send money abroad, diving into the rates, methods, and reasons for sending and receiving payments across 20 markets globally. The survey included 2500 Singapore respondents. 

In Asia Pacific, Visa saw a two-fold increase in digital remittances over the last two years, highlighting the accelerated pace and clients’ demand at which remittance flows are increasing in the region. Singapore is one of the three markets for Asia Pacific in terms of frequency of sending remittances, behind China (99%) and on par with India.

In terms of value of remittances, half (51%) of Singapore residents have sent S$1,500 or more to another country in 2023. Singapore is also one of the top markets when it comes to intention on sending more or the same amount of money abroad. Two-thirds (66%) of Singapore remittance users plan on sending more or the same amount of money abroad, behind China (91%) and India (74%).

The top three destinations receiving remittances from Singapore are Mainland China (18%), Australia (13%) and Canada (11%). Other popular destinations for sending remittances in the region are Malaysia (11%) and Japan (9%).

Regular remittances (31%), unexpected need (26%), and investments (26%) are the top drivers for sending money overseas.  The top three reasons given for receiving remittances are own accounts/investments (38%); special occasions (33%) and holidays (27%).

Across the region, digital apps were universally lauded for superior user experiences underscored by accessibility. Markets such as India, the Philippines, and Singapore exceeded global averages (67%), for digital app preference.

Over two-thirds (69%) of Singapore respondents prefer digital apps to send money, and four in 10 respondents plan to use apps to send money more often. 

Security continues to be a key differentiator for payment methods, with digital methods cited as the most secure method for both sending and receiving. Sending money by cheque or cash was perceived as the least secure, especially when sent by mail or courier.

“Remittances are particularly prevalent in Singapore, due to our position as a regional hub. Our large foreign workforce and the diverse financial transactions characteristic of our market also support the growth of international money movement from Singapore,” said Adeline Kim, Country Manager of Singapore and Brunei.

“We’re seeing some interesting trends when it comes to money movement on the remittance front. Besides the foreign workforce sending back money to their families, we are also seeing growth in the creator economy, where money is paid from social platforms to content creators. At Visa, we harness our extensive transaction data to drive innovations that cater specifically to the needs in the money movement industry. Our primary goal is streamline and secure the remittance process, be it topping up a digital wallet, sending money to loved ones or money transfers for business purposes.”

Visa works in collaboration with global remitters such as Brightwell, Thunes, Remitly, Western Union and Asia United Bank (AUB) to help enable efficient money movement through digitised remittances, leveraging our Visa Direct solution. For more information about Visa Direct, please visit: www.visa.com.sg

Survey Methodology
This survey was conducted by Morning Consult during December 2023 to March 2024 with a sample size of 40,000+ remittance senders and receivers across North America, Europe, Latin America, the Middle East, and Asia Pacific. The interviews were conducted online and includes 2,500 Singapore respondents who are weighted based on census estimates for age, race/ethnicity, gender, education and region.

About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at www.visa.com.sg

 

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SOURCE Visa

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Lovey announces £250m senior secured credit facility with Pollen Street Capital

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UK’s fastest-growing fintech announces its largest funding facility to date to support more UK SMEs

BIRMINGHAM, England, Oct. 27, 2026 /PRNewswire/ — Lovey, the UK’s fastest-growing fintech and financial services provider, specialising in SME lending and brokerage, has today announced a senior secured credit facility of up to £250 million with Pollen Street Capital (“Pollen Street”), an alternative asset manager. The facility is made up of £50 million committed capital and a £200 million accordion, making it the largest funding facility in Lovey’s history and marking a key milestone in the company’s growth.

The facility demonstrates continued institutional investor confidence in Lovey’s lending model, technology and long-term strategy and reinforces Lovey’s position as a leading finance provider focusing on SME funding. The facility will significantly increase Lovey’s lending capacity, supporting the business as it scales its own-book lending while continuing to grow its established brokerage proposition.

Founded by Jack Smith in 2016, Lovey has grown from a one-person start-up into a 120-strong business, funding more than £600 million in loans to over 11,000 UK SMEs. Built around a mission to make lending simple, fast and beautiful, Lovey has expanded rapidly while staying focused on making finance easier and more accessible for small businesses. The new facility will support that mission by giving Lovey the capital to help more UK SMEs access funding quickly and flexibly.

Lovey began lending directly from its own balance sheet in 2022, building on its experience as a broker to develop a deeper understanding of the funding needs of UK SMEs. Today, the business combines direct lending with its established brokerage proposition, giving customers access to both Lovey’s own lending and a wider panel of funding partners. This approach allows Lovey to match businesses with the funding solution that best suits their needs, while the new facility provides greater capacity to grow its direct lending operation.

Jack Smith, Founder and CEO at Lovey, comments:
“This new facility is an important milestone for us and will enable us to put more capital behind UK small businesses, scale our own-book lending and give more SMEs access to finance when they need it. Pollen Street shares our belief that finances for small businesses should be simpler, faster and more flexible, and we’re really pleased to have them backing Lovey for this next stage of growth.”

Kai Hunter, Chief Operating Officer at Lovey, comments:
“The funding announced today is the result of close and collaborative work with Pollen Street and I am grateful to their team, and to our own, for the diligence they brought to it. This funding deepens our lending capacity and allows us to offer larger loans, so that we can back more of the UK’s small and medium-sized businesses, from those that have found finance hardest to secure to the well-established, with greater speed and certainty.”

Ethan Saggu, Investment Director, Pollen Street, adds:
“Lovey has spent almost a decade seeing the UK SME lending market from a broker’s perspective, giving the team an expert view of where demand for credit is going unmet. We have financed a number of specialist SME lenders and recognise what it takes to grow from brokerage into balance-sheet lending. Lovey has done so with a well-defined product and a focused approach, and we look forward to supporting the team as it scales.”

Lovey was advised by Ashurst Perkins Coie and Pollen Street was advised by Simmons & Simmons.

The facility builds on Lovey’s existing funding arrangements announced last year, including a £35 million revolving credit facility from Paragon Bank and a £10 million junior medium-term note programme from LGB Capital Markets. The new facility also adds to Lovey’s growing institutional funding base as it enters its next phase of expansion.

To learn more about Lovey or to apply for a fast, flexible business loan, visit Lovey’s website.

For any further information, please contact: press@lovey.com

About Lovey (the trading name of Love Finance Limited): 
Lovey is the UK’s fastest-growing fintech and financial services provider, specialising in SME lending and brokerage. Founded in Birmingham in 2016 by Jack Smith, Lovey has a mission to make lending simple, fast and beautiful. The company has funded more than £600 million in loans for over 11,000 SMEs across the UK.

Recognised by EY, Deloitte, The Sunday Times, Financial Times, UK Growth Index, FEBE, and Sifted as one of the UK’s fastest-growing companies. Lovey combines direct lending and brokerage services to deliver fast, flexible, and tailored funding solutions. With an industry-leading 4.9-star Trustpilot rating, businesses can enquire in 60 seconds and receive funding in as little as 4 hours. 

Website: www.lovey.com

Pollen Street Press Office:
FGS Global 
Chris Sibbald / Anna Tabor
PollenStreetCapital-LON@fgsglobal.com 

About Pollen Street:
Pollen Street is a fast-growing and high performing private capital asset manager. Established in 2013, the firm has built deep capability across the financial and business services sectors aligned with mega-trends shaping the future of the industry. Pollen Street manages over €9bn AUM across private equity and credit strategies on behalf of investors including leading public and corporate pension funds, insurance companies, sovereign wealth funds, endowments and foundations, asset managers, banks, and family offices from around the world. Pollen Street has a team of over 100 professionals.

www.pollenstreetgroup.com 

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Baidu to Report Third Quarter 2026 Financial Results on November 16, 2026

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BEIJING, Oct. 27, 2026 /PRNewswire/ — Baidu, Inc. (Nasdaq: BIDU; HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) (“Baidu” or the “Company”), a leading AI company with strong Internet foundation, today announced that it will report its financial results for the Third Quarter 2026 ended September 30, 2026, before the U.S. market opens on November 16, 2026. Baidu’s management will hold an earnings conference call at 7:30 AM on November 16, 2026, U.S. Eastern Time (8:30 PM on November 16, 2026, Beijing Time).

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of “Baidu Inc. Q3 2026 Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10057872-oyt4z8.html

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.

A replay of the conference call may be accessed by phone at the following number until November 24, 2026:
US: 1 855 883 1031
Replay PIN: 10057872

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under “BIDU” and the HKEX under “9888.” One Baidu ADS represents eight Class A ordinary shares.

View original content:https://www.prnewswire.com/news-releases/baidu-to-report-third-quarter-2026-financial-results-on-november-16-2026-302920463.html

SOURCE Baidu, Inc.

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IBS Software’s iCargo to power Philippine Airlines Cargo Modernisation

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Airline to move from its current cargo system to a modern, cloud-based platform covering cargo sales, ground handling operations and revenue accounting

MANILA, Philippines, Oct. 27, 2026 /PRNewswire/ — IBS Software’s iCargo, a cloud-based platform bringing cargo sales, ground handling operations and accounting together, has been selected by Philippine Airlines (PAL) to replace its current cargo system. The implementation will extend iCargo’s capabilities across PAL’s domestic and international cargo operations.

As the leading AI-native product company in the travel technology sector, IBS Software will support PAL’s broader cargo transformation and modernisation programme with capabilities that support PAL’s full range of business functions, from commercial and operations to back-office accounting, while enabling further innovation and digitisation through a single, fully integrated cloud-based platform. iCargo will support cargo movements across PAL’s domestic and international operations, including international requirements such as customs reporting, duties and taxes settlement and regulatory compliance. iCargo already supports carriers with this same mix of demands, providing the flexibility, scale and capabilities to manage both.

The transition will enable PAL to address key operational requirements across its cargo operations, including system performance and data analytics. iCargo will provide modern capabilities to support faster shipment processing, greater reliability and end-to-end shipment visibility, while reducing manual intervention and enabling more efficient processes.

Beyond operational efficiency, these capabilities will help PAL Cargo bring its ‘Care that Delivers’ promise to life, giving customers greater confidence through improved shipment visibility, reliable service and a more seamless cargo experience. As cargo volumes continue to grow across its network, the new platform will also provide the technological foundation for continued innovation, operational excellence and long-term growth.

IBS Software’s proposal combined a strong technology fit with a proven track record of delivering successful cargo transformations for airlines worldwide. The selection of iCargo builds on an established relationship between Philippine Airlines and IBS Software, broadening the portfolio of IBS Software products used by PAL and reinforcing their shared commitment to long-term innovation and business growth.

“This initiative represents an important step in the modernisation of our cargo business,” said Jason Siy, Vice President for Cargo Business, Philippine Airlines. “As we grow across our domestic and international network, we need a system that increases visibility, improves operational efficiency and enables us to deliver a better experience for our customers. We see iCargo as a key enabler of our long-term cargo transformation strategy and of our ambition to build an even stronger cargo business for the future.” 

“Philippine Airlines has a clear vision for the future of its cargo business, and we are proud to support that journey,” added Sunil George, Vice President & Region Head of Oceania, IBS Software. “This partnership is about more than implementing a new cargo platform. It is about working closely with PAL to build the digital foundation for future growth, innovation and operational excellence, and continuing a relationship we value deeply.” 

For more information about IBS Software’s iCargo solution, visit: https://www.ibsplc.com/product/air-cargo-solutions/icargo.

About IBS Software

IBS Software is a leading travel technology company delivering AI-native travel intelligence that enables smarter, faster and more resilient decision-making, with built-in guardrails across aviation, cargo and logistics, and leisure and hospitality. It powers core capabilities for leading travel brands worldwide, spanning airline retailing, passenger services, loyalty, fleet, hub and crew operations, cargo management, and cloud-native platforms for hotels and cruise line operators, and operates from 17 offices globally.

Further information can be found at www.ibsplc.com. Follow us:
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About Philippine Airlines

Philippine Airlines (PAL) is the Philippines’ flag carrier and the country’s only full-service network airline. Founded in 1941, PAL is Asia’s first commercial airline and has played a vital role in connecting the Philippines to the world for 85 years.

PAL operates scheduled nonstop flights from its hubs in Manila and Cebu to 29 destinations across the Philippines and 40 destinations in Asia, North America, Australia, and the Middle East.

PAL is an APEX Four Star™ airline and was recognised by Cirium for achieving the highest on-time performance among Asia-Pacific carriers in 2025. In 2026, Philippine Airlines was officially invited to join the oneworld® Alliance.

 

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SOURCE IBS Software

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