Bitcoin transactions between the Philippines and Canada are on the rising trend due to an accumulative request for substitute remittance services. Overseas workers who are economically supporting their relatives are supporting the growth of the highly-evolving sector.
The umbrella Bitcoin company Satoshi Citadel Industries’ Rebit.ph has partnered with California-based worldwide business network and monetary transfer platform, ZipZap, to enable Filipino expatriates in Canada to send money back to the Philippines using the ZipZap payment app.
ZipZap is a tech platform for transferring money around the world via a smartphone app. The San Francisco-based company successfully raised US$2.2m in VC funding last year, to bring significant innovations to the remittance industry “by leveraging mobile technologies, digital payment solutions and traditional payment rails.”
“In a matter of minutes, we process the transaction at Rebit and cash in PHP is made available for the recipient through whatever payout method the remitter nominated. For both remitter and receiver, the bitcoin part is invisible, they don’t have to know how the funds were sent accross the network, what they know is that it’s a more convenient and cheaper way to send money back home,” stated John Bailon, CEO of SCI.
By banding together with ZipZap an immense settlement business sector has opened up for Rebit.ph as Canada represents 7% of the Philippines’ aggregate settlement industry give or take. As of now, just a little rate of remittances from Canada to the Philippines is by means of bitcoin.
Rebit.ph’s central goal is to assist the development of the Bitcoin system in the Philippines, which is the third biggest beneficiary for remittances in Asia, with US$28.4 billion exchanged, behind just India (US$70.39 billion) and China (US$64.14 billion), as indicated by the World Bank’s settlement information.
Ultimately, SCI expects to develop its services and target the top 10 locations where there is a great amount of Filipino migrant worker population (OFWs), including UAE, Singapore, and Hong Kong.
Learn more about the Bitcoin Asia situation here at Coin News.
