Philippines based Blockchain powered remittance platform Coins.ph is set to partner with western union to ease the transfer of money for Philippines.
According to a press release from Western Union. Coins.ph will be partnering with Western Union to ease the transfer of funds for Philippines working outside the country. Coin.ph utilizes the blockchain technology to run its money remittance platform. The collaboration will help it’s user to receive western union money transfers into their wallet for withdrawal and use.
Coins.ph has Know Your Client verification process enabled on its platform. This will ensure that users are not involved in illegal transactions and helps enforce fraud free system. Users with verified accounts will be allowed to utilize the feature and send up to Php 100,000 every month.
Western Union had in the past revealed interest in utilizing the blockchain technology to make its services seamless and convenient. Western Union President, Odilon Almeida said the company has been evaluating the use of cryptocurrency. Stressing that the company is interested in adopting cryptocurrencies as an option for users to exchange fiat currencies.
“Over the years, Western Union has fueled innovation centered around the needs of customers, giving them their choice of channels, currencies, access and opportunities to connect with family and friends around the globe,” said Molly Shea, Senior Vice President & General Manager, Global Money Transfer, Asia Pacific, Western Union.
The new collaboration signals Coins.ph and western union’s vision on offering seamless and convenient means of money transfers across borders. With the new partnership, over five million Coins.ph users will be able to transfer funds to friends and families in more than 60 countries and retail network in more 200 countries and territories connected by Western Union.
Coins.ph is regulated by the Bangko Sentral ng Pilipinas (BSP). It is the only blockchain-based company in Asia to attain both Virtual Currency and Electronic Money Issuer licenses from a central bank. Coins.ph aims to make the sending and receiving of money to individuals across Philippines easy and affordable through mobile wallets.