- The Japanese fintech will be launching its payments solution in 2019, according to reports
- Atom Solutions offers a better way to transfer money thanks to its technology
- The firm acknowledges the limitations of crypto-based platforms
A Japanese fintech is set to enter the remittance industry in the coming year based on reports from Tokyo. Despite setbacks experienced by the cryptocurrency market, Tokyo-based crypto firm Atom Solutions will be launching a low-cost money transfer service between the Philippines and South Korea.
Filipinos working in the country will be able to use the new app to transfer money internationally at affordable overseas transfer rates, Atom Solutions executives said. The launch is scheduled for March 2019.
The Philippines is one of the biggest recipients of remittances around the world. Based on data from the UN and the World Bank, the country receives an average of $25 billion each year. The Southeast Asian nation is in fact being buoyed by remittances from Overseas Filipino Workers and is large enough to protect the country from major financial crises, according to experts.
The Japanese app is a welcome development for Filipinos working in South Korea, observers say. There are currently 66,000 Filipino and over 20,000 of them are hired under the Employment Permit System, a system brought about by an agreement between South Korea and the Philippines.
While talking about Atom Solutions’ new app, the company told reporters that “the service is applied with [a] unique wallet system which is different from traditional bank remittance services such as SWIFT or correspondent bank. “Overseas remittance using Eternal Wallet will not be going through bank but P2P transaction between Eternal Wallet users,” Atom Solutions representatives added in a statement
Atom Solutions made it clear that offering affordable transactions have limits especially when senders do it through traditional channels such as banks. The Tokyo-based firm reiterated that cryptocurrency, despite its benefits, can also contribute to valye loss when conversions are done from digital currencies to fiat money and vice versa.
“Thus, Atom Solutions has developed the system logic to solve the problem in traditional overseas remittance, and it is said that the revolutionary invention has transformed the decades of overseas remittance histories,” the statement said, adding that affordable rates are only possible through arbitrage, loan interest rate, P2P, dividends, authorized exchange system, Eternal Wallet, Pool Logic. Observers say that Atom Solutions has not yet received a patent for its upcoming service.
The foreign exchange rate is quite transparent, according to observers as it will be set at an interbank transfer middle rate. Add additional 0.5% is added, reports say but the sending fee is only at 5 cents. While Atom Solutions’ first market is South Korea, it is planning to expand its services in over 10 nations.
Atom Solutions was founded in the year 2010. It launched its Eternal Wallet service five years after its inception. The wallet service reportedly has 40,000 registered accounts. The company also has authorised exchanges in various countries. This includes Hong Kong, Korea, Japan, and the Philippines.
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