Gabriel Budi Sutrisno · · 1 min readPH-based Pouch to accept remittances from Canada, Vietnam via partnership
Photo credit: ursula1964 / 123.rf
Pouch, a Philippine payments firm, has partnered with Canada’s Neutronpay to facilitate money transfers from Canada and Vietnam to the Philippines.
The collaboration also offers improved exchange rates and reduces the inconveniences associated with traditional banks and money transfer agents.
The process involves leveraging Bitcoin’s Lightning Network to convert Canadian dollars or Vietnamese dong into bitcoins, which will be converted into Philippine pesos. The funds will be promptly transferred to the recipient’s Philippine bank account or e-wallet.
The Neutronpay app is currently only available in Canadian and Vietnamese app stores.
Personal remittances in the Philippines reached a record high of US$36.1 billion in 2022, an increase from the previous year’s record of US$34.9 billion, according to the country’s central bank. A World Bank report pointed out that the country is one of the top five remittance markets in the world.
Founded in August 2021, Pouch has also partnered with other Bitcoin and payments firms such as US-based Strike and CoinCorner from the Isle of Man for similar services.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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