Samreen Ahmad · · 1 min readPouch taps US-based Strike for cross-border payments in the Philippines
Photo credit: Pouch
Pouch, a payment systems operator based in the Philippines, has teamed up with US-headquartered Strike to support faster, cheaper, and more secure cross-border digital payments.
As both firms are built on Bitcoin’s Lightning Network, the partnership allows customers, including Filipino expats in the US, to send US dollars to the Philippines. The funds will go directly to the recipient’s bank or mobile money account in Philippine peso.
Founded in 2021 by Ethan Rose, Pouch focuses on cross-border remittance services. According to a World Bank report, the Philippines is one of the top five remittance markets in the world.
While the average transaction cost of sending remittances to the Philippines is 4.57%, the World Bank’s Sustainable Development Goals aims to reduce such fees to 3% of total transaction value by 2030.
“We’re excited to partner with Pouch to advance financial inclusion and bring fast, low-cost cross-border payments via the Lightning Network to the Philippines,” stated Jack Mallers, founder and CEO of Strike.
Editing by Miguel Cordon and Eileen C. Ang
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