Bitcoin Remittance Services in Indonesia Could Save Migrant Workers $374 Million
In 2010, more than $5 billion was sent back home from Indonesian migrant workers across the world, up 2.44 percent from 2009 ($4.91 billion). That number may seem huge but, in the grand scheme of things, it's very small. Through the process of remittance, $436 billion looked to be sent back home in total during 2014 - before the banks took their cut through fees. According to a report by the World Bank, in 2013 the global average cost of sending remittances was 8.58 percent - a decline from the previous year but a large cut nonetheless. If a similar average fee remained in 2010, as a....
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The Indonesian market is experiencing a rise in the number of bitcoin transactions even though the digital currency has no legal status in the country, according to a report from the Jakarta Post. In 2014, Bank Indonesia, the Indonesian central bank, released a statement declaring that bitcoin was not legally recognized as money or legal tender. Yet, despite this, that doesn’t seem to have put people off from using the digital currency as a form of payment. The report from the Jakarta Post states that the number of bitcoin users in Indonesia has risen from 80,000 up to 250,000, with a....
Bitcoin exchange Bitspark is looking to expand the bitcoin remittance services it offers in Hong Kong to the island nation of Indonesia. Bitspark CEO George Harrap spoke enthusiastically about the move, saying: "We are excited to be able to bring our low cost service to Indonesia in partnership with PT Artabit... Indonesia is an exciting opportunity and a key focus for us... It's a very different market in terms of logistics and distribution than our existing Philippines services with many people using Post Offices as the primary cash pickup location, not third party remittance stores.......
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....
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....
A successful blockchain remittance pilot has seen over 100 participating migrant workers transfer money to Myanmar, their homeland, instantly. Everex, an Asian blockchain startup focused on financial inclusion in the region facilitated transactions totaling over 850,000 Thai baht (approx. $24,000), using its wallet over a blockchain. The Thailand-based Fintech startup revealed that the successful pilot used the Ethereum blockchain, adding that the remittance transactions incurred no transaction fees for both sending value and currency conversion. Furthermore, transfers went through in....