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Bitcoin services firm Coins.ph has announced its collaboration with the global funds remittance giant Western Union, which will enable customers to receive international and domestic money transfers directly into their Coins.ph wallets in the Philippines.
The company said that the integration of its blockchain-enabled platform with Western Union’s cross-border platform will allow Filipinos to receive and hold international money transfers initiated from Western Union’s digital network in more than 60 countries and retail network in more 200 countries and territories.
Ron Hose, Coins.ph co-founder and CEO, explained that many overseas Filipino workers send money back home and are constantly looking for convenient remittance options.
“By pairing Coins.ph’s payments technology with Western Union’s expansive global network, we are giving Filipinos a seamless choice to receive money digitally, on the go,” Hose said.
“There are an estimated 10 million Filipinos working or residing overseas. With this collaboration, we are proud to serve their families back home with even easier access to our suite of services and maximize positive impact on communities in the country.”
According to the official release, Western Union has been providing money transfer services in the Philippines since 1990 and has more than 12,000 Agent locations in the country.
"With this collaboration with Coins.ph, we are delighted to offer customers in the Philippines with an unmatched depth of services and capabilities, and convenience right at their fingertips,” said Molly Shea, Senior Vice President & General Manager, Global Money Transfer, Asia Pacific, Western Union.
Prior to using the Western Union service, consumers would be required to register for Coins.ph wallet and complete Know-Your-Customer (KYC) verification process. Once verified, they can receive Western Union money transfers into their Coins.ph wallets by simply inputting the unique tracking number (MTCN) and expected remittance amount. Consumers can receive up to a maximum Coins.ph wallet capacity of Php 100,000 per month (approximately USD $1,907).
Founded in 2014, Coins.ph is licensed by the Bangko Sentral ng Pilipinas to offer electronic money, remittances, and virtual currency and exchange services. It currently provides financial services to more than 5 million Filipinos. Earlier this year, Jakarta-based technology startup Go-Jek acquired a majority stake in Coins.ph.
