The Market Monitor Minding the Nation's Business
A financial technology platform designed for Filipinos working with overseas clients is
offering virtual US bank accounts, international payment access and cross-border money transfers to help freelancers and remote workers manage their dollar earnings.
MANA, accessible through myMANA.ph, allows eligible users in the Philippines to open virtual US dollar accounts using Philippine-issued identification, including passports and drive’s licenses, subject to identity verification and account approval.
The platform also provides a virtual Visa card for eligible online purchases from participating international merchants, including Amazon, and remittance services for
Filipinos who need to transfer money to family members in the Philippines.
The company said the service is intended to address the costs commonly faced by
freelancers and virtual assistants receiving payments in US dollars but spending in
pesos. These include foreign exchange markups, payment processing charges and
international transfer fees that can reduce their take-home earnings.
MANA’s remittance service carries a stated transfer fee of 0.25 percent, equivalent to 25 US cents for every US$100 sent. The company said its pricing is designed to make cross-border transfers more affordable by using real exchange rates.
The platform’s virtual dollar account also allows users to hold their earnings in US dollars and manage their funds without relying on a traditional US bank account. Its virtual card enables eligible international transactions while potentially reducing the need for repeated currency conversions.
MANA was co-founded by Filipino entrepreneur Paco Litonjua and his Harvard Business School classmate Akshat Parwal. Litonjua, a Stanford University graduate and Harvard MBA student, previously served as senior product manager at US fintech company Figure. He helped develop its home equity line of credit business, which became the largest non-bank originator of its kind in the United States.
Parwal, a graduate of the Indian Institute of Technology Bombay, previously worked at Indian digital banking company Slice, where he helped expand its operations and deposits. He also served as a strategy lead at consulting firm L.E.K. Consulting.
Litonjua said MANA was established to help Filipino freelancers, virtual assistants andoverseas workers retain more of their earnings by reducing unnecessary charges when receiving, spending and sending money across borders.
The founders aim to combine their experience in financial technology, banking and
business development to provide a platform that supports Filipinos working in the global digital economy.
MANA is available through the Apple App Store and Google Play.
The company said its services include access to US dollar accounts through partner
banking providers, dollar savings features, a Visa card for eligible purchases and international remittances.