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Editing by Nathaniel Cajuday
- Pouch.ph collaborates with Neutronpay to enable OFWs in Canada and Vietnam to send money instantly to Philippine banks or eWallets through the Lightning Network, offering improved exchange rates.
- The partnership is expected to address the challenge of expensive fees in remittance services and allow families to send more money back home without high banking fees.
- Currently, Neutronpay’s app is available exclusively on the Canadian and Vietnamese app stores, while Pouch.ph can be downloaded on Google Play and Apple Store.
Bitcoin payments firm Pouch.ph has another partnership set to improve remittance services in the country. Recently, it announced its collaboration with Canada-based digital payment platform Neutronpay to allow Overseas Filipino Workers (OFWs) in Canada and Vietnam to send money through the power of the Lightning Network.
Pouch.ph x Neutronpay
The collaboration enables Filipinos residing in Canada and Vietnam to send money instantly to a Philippine bank or e-wallet, offering improved exchange rates compared to previous options. To do this, Canadian dollars or Vietnamese dong are converted into Bitcoin by utilizing Bitcoin’s Lightning Network; Pouch.ph then facilitates the conversion of Bitcoin into Philippine pesos and swiftly transfers the funds directly to the recipient’s bank account or mobile money account.
According to a recent report from the Bangko Sentral ng Pilipinas (BSP), overseas Filipino remittances hit a record low since June 2022. The data reveals a decline in both personal and cash remittances, indicating the tough economic situation encountered by Filipino workers overseas.
Albert Buu, the founder and CEO of Neutronpay, expressed his excitement about the collaboration, noting that their firm now has the “ability for the Filipino community in Canada and Vietnam to remit home faster, better, and cheaper than traditional banking rails”:
“With the Lightning network, families can now send more of their hard-earned money home instantly to the Philippines rather than losing a large portion to high fees with regular banking methods today.”
Ethan Rose, CEO of Pouch.ph, also highlighted that their collaboration would help eliminate the longstanding challenge of sending money back home to the country with expensive fees.
“Working with Neutronpay is consistent with our endeavor to empower OFWs to easily send money to their families and loved ones,” Rose stated.
Currently, Neutronpay’s app is available exclusively on the Canadian and Vietnamese app stores, while Pouch.ph can be downloaded on Google Play and the Apple Store.
What is Pouch.ph?
Pouch.ph, co-founded by Ethan Rose and Anthony De Luna in August 2021, aims to enhance the process of sending and using money internationally.
Pouch leverages the transformative power of Bitcoin’s Lightning Network, a revolutionary technology that improves financial inclusion and cross-border payment efficiency. By connecting the Philippine economy to the Lightning Network, Pouch enables Filipinos to seamlessly operate within this emerging global payment standard.
Last February, the firm partnered with Bitcoin Layer 2 scaling solution provider Strike to help it offer to convert Bitcoins into local fiat and then forward the money to the recipient’s bank or mobile money account. Their collaboration allows OFWs to send U.S. dollars to the Philippines and has the funds received as Philippine pesos in a recipient’s bank or mobile money account.
What is Neutronpay?
Neutronpay was founded in 2018 by CEO Albert Buu, who saw potential in the lightning network and moved from Canada to Vietnam. The platform initially launched a lightning payment gateway.
In 2021, COO Malcolm Weed joined, and they expanded their services with an enterprise API. In 2022, they secured a $2.25 million seed round, grew to a 12-person team, and launched their mobile app in Canada and Vietnam.
This article is published on BitPinas: Pouch.ph’s Bitcoin Remittance Service Can Now Be Used by OFWs in Canada, Vietnam Through Neutronpay
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.