Overseas Remittance is a $400 Billion Market, Can Bitcoin Dominate?
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....
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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 alternative systems for transferring cash. For generations, remittance services including Lhuiller and Palawan Pawnshop dominated the market in the Philippines, despite its high transaction fees. On average, the fees are close to 10 percent for....
Aiming for the world’s greatest overseas remittance and achieving high transparency and strengthening of security. Atom Solutions Co., Ltd. (hereinafter referred to as Atom Solutions), developers of the cryptocurrency trading and overseas remittance platform “Eternal Wallet”, has announced that its in-house developed token, The Transfer Token, will migrate to a DeFi token protocol. The Transfer […]
The remittance market is a key area where Bitcoin and digital currency could make a splash. Sending money overseas to family and friends is pretty expensive these days, and the remittance space is dominated by a handful of players. But that isn’t stopping Australia-based DigitalBTC from distributing a remittance product of their own. DigitalBTC – Digital Payment Solutions. When it comes to processing digital payments, DigitalBTC is not the new kid on the block. In fact, did you know that DigitalBTC is a publicly traded company on the Australian Stock Exchange under the name “Digital CC....
More than 30 people are facing fines and prosecution in South Korea for allegedly contravening the country’s ban on overseas crypto transactions. An interagency investigation into suspected crypto fraud and money laundering in South Korea has led to the discovery of 1.69 trillion won (about $1.48 billion) in illegal overseas cryptocurrency transactions.According to The Korea Times, 33 people have been implicated by the Seoul Central Customs for contravening the country’s ban on overseas crypto trading. Detailing the alleged crimes committed, Lee Dong-hyun of the Seoul Central Customs’....
DigitalBTC, an Australia-based digital payments company, has agreed to form a joint venture company (JVC) to distribute and market a remittance product, AirPocket. The beta launch will begin in the second quarter of this year. DigitalBTC, which is trading on the Australian Securities Exchange as Digital DC Limited, described AirPocket as a disruptive new technology product targeting the significant and established remittance market. The U. S. to Latin America remittance market is estimated to be $84 billion. The joint venture will target the remittance sector in the Latin American and....