Bitspark Enters Hong Kong's Remittance Market With Bitcoin-Powered Solution
Joseph Joel Bayaua is employed as a private driver by a family in Hong Kong. He has worked in the special administrative region for four years. When Bayaua sends part of his earnings back to his family in Santiago, a city of 132,000 people in the Philippines' northern Isabela province, he selects either a Western Union money transfer or an inter-bank transfer. He usually ends up choosing Western Union. Bayaua explained: "Both methods of sending money are basically the same. They just differ sometimes by the rate of their transfer fees, but I prefer Western Union over bank-to-bank transfer....
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Back in November, Hong Kong based Cryptocurrency Exchange Bitspark Limited unveiled the first ever end-to-end Bitcoin remittance solution: A much needed service that would allow Hong Kong's population to gain easy access to the advantages bitcoin offers when compared to conventional remittance services to transfer money to the Philippines. They're now extending their services from the Philippines to also serve Indonesia. The numbers behind the demand. According to the Hong Kong Government's website, more than 165,000 Indonesians and about 169,000 from the Philippines were residing in Hong....
Just a few days ago, BitSpark announced that it is halting all bitcoin exchange operations. Instead, the company will be focusing all of their attention on the remittance market. Bitcoin can play an important role in the evolution of money remittance as we know it, and BitSpark feels it is the best direction for the company at this point. BitSpark Partners with BitGo And Closes Funding Round. At the beginning of April, BitSpark announced the closing of a successful round of funding. Several prominent Hong Kong-based investors had injected an undisclosed six-figure sum into the company,....
Hong Kong-based Bitspark Limited, a bitcoin remittance company, has announced a new partnership with Malaysian Vitaxel Group. Vitaxel Group, which specializes in multi-level marketing, has more than 5000 distributors in 16 Asian countries. And together, they aim to expand the bitcoin remittance services throughout Southeast Asia (S.E.A). Remittance in....
Update — 1/24/2014: We have changed this article to fix a reporting mistake. Previously, we stated the Bitspark had partnered with bitcoin.co.id. The company has actually partnered with ArtaBit, an Indonesian Bitcoin payment processor. Bitspark, a Hong Kong based bitcoin exchange, has expanded its Bitcoin remittance service to the Southeast Asian country of Indonesia. Now, Indonesian workers in Hong Kong will be able to remit funds back to their loved ones in Hong Kong for a much cheaper rate than traditional remittance services. The Bitcoin exchange hopes to get a large market share of....
Bitspark is targeting Hong Kong's sizeable population of Indonesian migrant workers with a new bitcoin-enabled remittance corridor. The announcement comes just a month after launching an identical service servicing the Philippines. The firm is pitching its low-cost way of sending money back home to more than 165,000 Indonesians residing in Hong Kong - 90% of whom are employed as foreign domestic helpers, according to the Census and Statistics Department. For the new service, Bitspark is sticking to the model it developed for Philippine remittances last month. This means a customer walks up....