Luminus Financial recognized for Remit Now, Pay Later Program

Organization announces it will match $10,000 award to give back to Ontario’s Filipino Community

Luminus Financial (“Luminus”) was awarded $10,000 from the Concentra emPOWERING Your Communities campaign in recognition of the organization’s contribution to the Filipino community through its Remit Now, Pay Later program. Luminus will match the $10,000 award from Concentra Financial, a federally-regulated financial institution owned by credit unions, centrals and other co-operative partners, and donate $20,000 to programs that help support the Filipino community in Ontario.

Many members of the large Filipino community in Ontario provide financial support to one or more relatives in the Philippines on an on-going basis. However, these individuals face numerous challenges and inconveniences in getting money quickly and securely to their loved ones. These challenges were also recognized most recently by the Ontario government in its 2015 Economic Action Plan which pledged to help Canadians access safe, reliable and lower-cost remittance services when sending money to family and friends in developing countries.

“Luminus saw a great opportunity to better service the growing Filipino community,” said George De La Rosa, CEO of Luminus Financial. “These individuals needed more security, convenience, and better exchange rates for their hard earned dollars. The Remit Now, Pay Later program seeks to provide them with peace of mind, knowing their money will get to their loved ones securely at any time of day or night.”

Remittance agencies often require individuals to take time out of their work day to go in person to arrange a money transaction. These agencies are frequently located in convenience stores and do not provide the same level of security guaranteed by a banking institution. The Remit Now, Pay Later program provides individuals with a welcome alternative to these agencies by allowing them to make secure transactions online, 24 hours a day, seven days a week through a banking institution.

Another hurdle facing Filipino newcomers is establishing a financial and credit history in Canada. The Remit Now, Pay Later program provides individuals with a free banking account and also a $500 line of credit. The credit line allows individuals to send money today and pay later, eliminating the need for costly and complicated payday loans. This feature also helps newcomers build a good credit history which is necessary to help them finance a future home, a car, or apply for credit cards, to name a few. “In creating this program we have built strong relationships with the Filipino community and have had the pleasure of learning about many organizations that are doing great work,” said De La Rosa. “We look forward to helping support these organizations financially both with this award and our additional donation of $10,000.”