- The Money transfer company Strike said that it would be bringing its “Send Globally” feature to transfers from the US to a major Southeast Asian country, one of the biggest remittance markets in the globe.
- The offer will focus on the Philippines, which constitutes one of the world’s biggest remittance markets.
- “Our technology allows us to both improve on the existing cross-border experience and include those that have previously been excluded by legacy payment rails,” said a senior figure at Strike.
Strike, a provider of fast money transfer services, has announced a new operation focusing on the Philippines.
Strike said that it would be bringing its Send Globally feature to transfers from the US to the Philippines, one of the biggest remittance markets globally. The company will partner with Pouch, a provider based in the Philippines, to make the new feature happen.
Its economy has around $35bn sent in from other countries each year, with over $10 bn of this coming from the US.
The Strike service is built on the Lightning Network, which is bitcoin-focused.
Jack Mallers, founder and CEO of Strike said that remittances were “broken” as a system for sending cash worldwide.
“Remittances are a broken system and Strike delivers an incredibly empowering experience for people to send money around the world in nearly an instant,” he said.
He added that the company was looking forward to partnering with Pouch.ph.
“We’re excited to partner with Pouch.ph to advance financial inclusion and bring fast, low-cost cross-border payments via the Lightning Network to the Philippines,” he explained.
He said that the technology offered by Strike gave people the chance to build on the current experience and improve it for the future.
“Our technology allows us to both improve on the existing cross-border experience and include those that have previously been excluded by legacy payment rails,” he said.
Pouch Founder and CEO Ethan Rose pointed out that the current market for payments in the corridor could have been better.
"The US to Philippines remittance market is one of the largest in the world and until now, most Filipino-Americans have been limited to outdated options,” he said.
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