BayaniPay CEO Talks About Creating a Solution for the Philippines’ Modern-day Heroes
Veteran entrepreneur Winston Damarillo recently appeared on The Filipino Channel’s “Barangayan with Gelo” to discuss his biggest responsibility yet: BayaniPay, the digital financial platform for global professionals.
As the founder of over a dozen startups, including Gluecode software (acquired by IBM in 2005), Logicblaze (acquired by Iona Technologies in 2007), and Talino Venture Labs (raised nearly $500K in an equity crowdfunding round in 2021), Damarillo is no stranger to creating successful products. “But [when] you create a solution for your fellow countrymen, you feel a heightened sense of responsibility,” the BayaniPay CEO shared.
“Filipino Americans are modern-day heroes,” Damarillo said. “The money they send home is a big help to their loved ones and to the Philippine economy as a whole. We want to make sure they’re taken care of, for a change."
During the pandemic, Filipino Americans did not stop sending money to their loved ones back home—in fact, $12 Billion was sent between the United States and the Philippines last year alone. In order to help them do so securely and affordably, BayaniPay was created.
BayaniPay’s web app makes it easy for users to send money to their loved ones with zero fees and high exchange rates. Its technology is 100% Filipino-made, something that Damarillo takes pride in. “Our name, BayaniPay, communicates Filipino effort and hospitality. That’s what we’re delivering through this product,” he said.
BayaniPay eliminates remittance fees and offers the best exchange rates on the market daily through its partnership with Banco De Oro, one of the largest banks in the Philippines. Aside from BDO, BayaniPay counts among its industry-leading partners East West Bank, Seafood City, and the Asian Journal.
The app also allows users to open a digital checking account powered by East West Bank, opt in for a debit card with rewards, and avail of exclusive deals with Seafood City. It is also developing new financial services for Asian Americans. The company's goal is to provide a one-stop shop for their financial needs.
“I’ve made the product I needed the most as a 19-year-old in a new country. Sana maenjoy niyo rin (I hope you enjoy it, too),” he said.
BayaniPay is currently available in California, Alaska, Hawaii, and New Jersey. Availability in more states to follow.
Watch the whole interview on the TFC US Facebook page here.