Three Bitcoin Startups Solving Remittance Problems in the Philippines
The Philippines has the world's third largest remittance market just behind India and China, with overseas remittances reaching more than $25.1 billion in 2013. But due to the country's poor banking systems and expensive remittance services, overseas Filipino workers and the local workers working far from their provinces have always searched for....
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FastCompany’s report revealed that overseas remittance totaled $429 billion in 2016. Some of the largest Remittance markets include China and the Philippines. Already, bitcoin startups have begun to dominate the remittance markets in the two countries, with the Philippines leading bitcoin remittance innovation. Both domestic and international remittance is a massive market within the Philippines. Companies such as Lhuillier and Palawan operate thousands of branches throughout the country, with deeper market penetration in comparison to international remittance companies such as Western....
The Philippines is a home to some of the industry’s most innovative startups including Coins.ph and Rebit.ph, that enable cost-efficient remittances from their home country to international recipients. At Bootstrap Manila, Bitcoin startups & investors revealed that 20 percent of remittances from the Philippines to South Korea are processed using Bitcoin. Coins.ph recently secured a $ 5 mln investment from former Google CEO Eric Schmidt’s fund, due to their unique approach that instead of competing with banks and existing financial services, it would be more beneficial for its users to....
The practically non-existent start-up ecosystem in Philippines has suddenly sprung to life. Thanks to the bitcoin revolution, the number of start-ups, particularly cryptocurrency related ones is increasing from the past couple of years. The success of Bitcoin in Philippines can be attributed to the social and economic factors. The two main factors that has led to a bitcoin boom in Philippines: Philippines has a huge remittance market. Like China and India, there are many Filipino emigrant workers employed across the world. Like in any other developing countries, even the emigrant Filipinos....
The first instant remittance service to the Philippines has launched, using Bitcoin to facilitate near-real time funds transfer to the country. Zinger, a startup initially servicing the Canadian-Filipino remittance corridor, has announced a partnership with local service Coins.ph. Now, banked workers in Canada can use the domestic payments provider Interac to pay for a Bitcoin transmission to a Coins.ph wallet, which may be cashed out at a range of Philippines locations. Lorne Lantz, creator and CEO of Zinger, told CoinTelegraph that he came onboard with Coins.ph, one of a considerable....
CNBC recently asked, “How bad would it be for the economy of the Philippines if remittances were to dry up?” They proceeded to sign economic indications that this is indeed the route that the Philippine remittance market is headed down—slowing growth in remittances from key remitting markets, such as the U.S., elsewhere in Asia, and other regions. Another fundamental shift in economics pointed to by CNBC: The Philippines appears to be shifting from an economy that relies on sending labor abroad to one that employs labor at home—the proof of this argument is in the booming BPO industry. The....