- The Filipino diaspora is always looking for additional remittance options, according to Coins.ph CEO Ron Hose
- Western Union’s partnership with the e-wallet firm will increase Coin.ph’s customer base
- Western Union’s Chief Executive Officer expressed during a panel discussion in Davos that it is not interested in using cryptocurrency as a currency
International payments firm Western Union just inked a deal with Coins.ph, an e-wallet provider based in the Philippines. While a report from the Coin Telegraph is unsure whether there is truth to the collaboration, Bitcoin Magazine says that Coins.ph has confirmed the news. With millions of Filipinos living and working abroad, the Coins.ph-Western Union partnership will help the diaspora send money home, according to observers. The decision to ink a partnership deal with Western Union was due to Coins.ph’s desire to offer better financial services to their customers. The e-wallet company currently has 5 million users, reports note.
It was also noted by the blockchain-based firm that it will be leveraging the remittance giant’s reach in the global payments market, noting that Western Union will help them grow their services. Coins.ph also announced that the partnership will help the company increase its customer base.
The Chief Executive Officer of Coins.ph Ron Hose told the media that there are many Overseas Filipino Workers (OFWs) looking for additional remittance options. Filipinos traditionally use Western Union to send money to loved ones and friends back home where recipients have to pick up the cash sent to them at any WU agent location.
“There are an estimated 10 million Filipinos working or residing overseas”, Hose said. “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.”
The e-wallet company runs a Bitcoin brokerage and remittance service and operates not only in the Philippines but in Thailand, Hong Kong and Malaysia as well. The firm has simplified Bitcoin trading in these countries, as it has made its services available in convenience stores, wire transfers, and Bitcoin ATMs. The company's e-wallet brand of the same name offers bill payment options and airtime top-ups.
While Western Union has been against blockchain technology based on reports months prior to its partnership with Coins.ph, insiders say that the deal plays a significant role in the American firm’s blockchain efforts. Interestingly, Western Union CTO Sheri Rhodes told reporters last year that the remittance giant is interested in blockchain. It is noted by observers, however, that Western Union is inclined towards using blockchain but not tokens. In a panel discussion in Davos, the firm’s Chief Executive Officer said that cryptocurrency is not a currency and therefore won’t be used by the company as such just yet.
In another interview, Western Union representatives said that the company will begin using cryptocurrency once the crypto market is ready and once better regulatory measures have been put in place.
Find out more about the Western Union company here.
