Canadian-based digital payment platform Neutronpay today announced its partnership with Pouch.ph to enable fast, secure, and low-cost money transfers from Canada and Vietnam to the Philippines.
The partnership allows Filipino workers living in Canada or Vietnam to send money directly to a Philippine bank or eWallet instantly and with far better exchange rates than was previously possible.
Through Bitcoin’s Lightning Network, Canadian dollars or Vietnamese dong are converted into Bitcoin. Pouch.ph then converts the Bitcoin into Philippine pesos and directly transfers it to the recipient’s bank or mobile money account.
“I am thrilled to partner with Pouch.ph to offer a fast and cost-effective solution for Filipino expats in Canada and Vietnam who want to send money to their loved ones in the Philippines. 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 percent of total remittances to the Philippines.
Additionally, according to Statista, OFWs in Vietnam sent approximately $14 million in cash remittances to the Philippines in 2021.
“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. Working with Neutronpay is consistent with our endeavor to empower OFWs to easily send money to their families and loved ones,” said Ethan Rose, CEO of Pouch.
The NeutronPay app is currently available exclusively on the Canadian and Vietnamese app stores, while Pouch.ph can be downloaded on Google Play and Apple Store.