Remittance giant Western Union remittances and blockchain entrepreneur Coins.ph have reached a partnership to help Filipino residents more easily receive cash remittances.
The startup announced late last week that, according to the newly signed agreement, international and domestic payments via Western Union's remittance network will go directly to the digital wallet held by Coins.ph's "more than 5 million" users.
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This service is designed to provide “a fast and convenient remittance channel in cities and remote underserved areas”. Coins.ph added that with Western Union's digital and retail network connections, customers can receive payments from virtually every country and region around the world.
About 10 million Filipinos currently work and live abroad, and the Philippines is one of the preferred destinations for global remittances. Coins.ph quoted the Philippine central bank Bangko Sentral ng Pilipinas (BSP) as saying that in July last year, Filipinos living abroad had personal remittances of $2.7 billion per month, an increase of 3% year-on-year.
Molly Shea, senior vice president and general manager of Western Remittance Asia Pacific Global Remittance, said:
“By working with Coins.ph, we are pleased to offer our Philippines' unparalleled depth of service and capabilities, as well as the convenience at your fingertips.”
Coins.ph provides financial services to Filipino residents (including those without a bank account), providing mobile wallet services such as remittances, bill payments, and cryptocurrency purchases. The company holds a virtual currency and electronic currency issuance license issued by the central bank.
“There are a lot of overseas Filipino workers who send their money back home regularly. They are always looking for extra ways to send money, making it easy for their loved ones to receive money,” said Cohen.ph co-founder and CEO Ron Howe. Ron Hose.
The company stated that users of the service must complete the online “Know Your Customer” (KYC) verification process, and only after receiving the Western Union remittance, and a monthly remittance limit of up to 10,000 Philippine pesos (nearly 2,000) USD).
The cooperation between a cryptocurrency company and a well-known money transfer agency is a noteworthy example. Western Union has previously made fun of the partnership between Ripple and Coinbase (which may exist) and has not achieved results. Although the company had previously stated that it would only be open to cryptocurrencies if the cryptocurrency was regulated like a currency, it did not prevent it from applying for patents involving the technology.