Breaking News
Armenotech, Tempo France and Cebuana Launch Stellar Blockchain Remittances to Philippines
Tempo France, Cyprus-based Armenotech and Cebuana Lhuillier came together to implement pioneering Stellar blockchain solutions in the growing remittances market of the Philippines.
Armenotech said in a press release that the EU-based partners previously signed deals with the Philippine leading financial company, Cebuana Lhuillier. The successful completion of the project now enables people to send money from Europe and pick up pesos in over 10,000 Cebuana locations across the country. The senders are able to pay at Tempo’s locations or, alternatively, pay by card using Tempo’s mobile application.
Tempo and Cebuana are operational activity and financial settlement parties in the project. Armenotech plays a key role, providing integration of Cebuana’s IT infrastructure into the Stellar platform.
The Stellar blockchain is a significant element of the project, said CBO for Armenotech, Daniel Gazaryan. “The technology provides the highest possible speed, reliability and low costs. And that is exactly what the clients expect from the service,” he stated. Mr Gazaryan went on to say that Armenotech and Tempo also plan to introduce b2b payment services based on the Stellar blockchain.
“It is the start of a very important project. We give people yet another degree of convenience, which is very important for Philippine nationals who live and work overseas, to be able to send money to their families,” the CEO of Tempo, Alla Zhedik said. “It is a great example of how state-of-the-art technologies play an extremely important humanitarian role.”
She went on to say that the Philippines is a very lucrative payment sector. Its potential exceeds $30 billion and the growth rate is up to 10 percent a year.
“Having said this, we have to point out that competition is on the rise. This makes remittance companies deploy the latest technology and marketing instruments. The introduction of the Stellar blockchain is a great advantage in this competitive environment.”
“We look to the development of a stable and extensive payout network in the Philippines in particular and the Asia-Pacific region in general. The growing market and its constantly increasing potential are the reasons why we are ready to offer local companies great opportunities in cooperation. Increase in the number of sales channels gives operational and financial indicators great momentum,” Zhedik of Tempo stated.
Mr Gazaryan of Armentech said that the partnership between Fintech company Armenotech and Tempo is a unique synergy. “It is an example of how a payment solution company and a recognized EU payment and remittances operator [licensed by the Bank of France] can successfully work in the very competitive money transfer sector.”
He declined to reveal the details but said that successful completion of yet another stage of the project, b2b payments, is a very promising trajectory in further development in the Philippines. “At the moment, we aim at doing our best to show clients the great advantages that the blockchain technology features.”
Mr Gazaryan expects the client portfolio to drastically grow in the course of a few months after completion of the project. Both companies have lately been actively expanding their activities both in the EU and internationally.
- Cavendish Appoints New Head of Equity Strategy Read more
- Broadridge Appoints David Fellah as Vice President of AI Trading Solutions Read more
- New Fintech Attara Seeks to Bring Financial Certainty to UK SMEs Read more
- FinMont Announces Strategic Partnership with Leading African Payment Processing Provider, iPay Read more
- Intesa Sanpaolo and Visa Renew Strategic Partnership Read more