Neutronpay, a digital payment platform, is partnering with Pouch.ph to provide low-cost money transfers from Canada and Vietnam to the Philippines.
Based in Canada, Neutronpay will leverage Bitcoin’s Lightning Network to convert Canadian and Vietnamese currencies into Bitcoin cryptocurrency. Pouch.ph then converts the Bitcoin into Philippine pesos and directly transfers it to the recipient’s bank or mobile money account.
The partnership allows Filipino workers living in Canada or Vietnam to send money directly to a Philippine bank or eWallet instantly and with the promise of better exchange rates than was previously possible.
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“Our integration with Bitcoin’s Lightning Network is a major step forward in improving the lives of our customers, and we look forward to exploring new ways to innovate cross-border payments,” said Albert Buu, founder and CEO of Neutronpay.
Data released by the Banko Sentral ng Pilipinas (BSP) showed personal remittances hit a new record high of $36.14 billion in 2022, surpassing the previous all-time high of $34.88 billion in 2021. In terms of country sources, Canada accounted for 3.6% of total remittances to the Philippines.
“For the longest time, overseas Filipinos had limited options when it came to sending money back home, relying mainly on traditional banks and money transfer agents that could be both inconvenient and costly,” said Ethan Rose, CEO of Pouch. “Working with Neutronpay is consistent with our endeavor to empower OFWs to easily send money to their families and loved ones,”