Neutronpay, a digital payment platform based in Canada, has partnered with Pouch.ph to offer fast and affordable remittance services for Filipinos living in Canada and Vietnam. According to a press release sent to Bitcoin Magazine, the partnership aims to provide a secure and cost-effective solution for Filipino expatriates who want to send money to their loved ones in the Philippines. By leveraging Bitcoin's Lightning Network, the partnership enables the conversion of Canadian dollars or Vietnamese dong into bitcoin, which is then converted into Philippine pesos and transferred directly to the recipient's bank or mobile money account.
Albert Buu, the founder and CEO of Neutronpay, expressed his excitement about the collaboration, stating, "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."
The demand for remittances to the Philippines has been growing steadily, with personal remittances reaching a record high of $36.14 billion in 2022, according to data from the Banko Sentral ng Pilipinas. Canada accounted for 3.6% of total remittances to the Philippines, highlighting the importance of providing efficient and cost-effective remittance services to the Filipino community in Canada.
Ethan Rose, the CEO of Pouch, emphasized the significance of the partnership in empowering overseas Filipino workers (OFWs) to easily send money back home. He stated, "Working with Neutronpay is consistent with our endeavor to empower OFWs to easily send money to their families and loved ones."
The NeutronPay app is currently available exclusively on Canadian and Vietnamese app stores, while the Pouch.ph app can be downloaded from the Google Play Store and Apple Store. This collaboration between Neutronpay and Pouch.ph brings lightning-fast remittance services to Filipinos in Canada and Vietnam, offering a convenient and cost-effective way to support their families and loved ones back home in the Philippines.