Money transfer company based in the Philippines Bloom Inc. today announced a partnership with the remittance platform based on blockchain with distributed ledger Remiit Project to bring the platform's capabilities to the markets of Southeast Asia.
The Philippines is a country with high barriers to financial services because only about three out of five have access to bank accounts. As a provider of money transfers, Bloom has worked in the forefront to offer less affluent consumers access to the global economy by providing the ability to send and receive money securely at lower costs.
"Bloom is a reliable company and has never had a problem in the past two and a half years with more than 100,000 remittance transactions in the Philippines," said Remiit CEO Stevie An. The two companies have agreed to work together to implement the Remiit platform for Bloom operations and to collaborate on marketing and market exploration.
Remiit provides quick and inexpensive cash transfers using blockchain technology to decentralize media and transaction resolution. Using its infrastructure, Remiit also seeks to provide a basis for the adoption of blockchain technology in the $ 650 billion payment and remittance market.
Remiit's blockchain platform has a large number of benefits for money transfers. Blockchain systems provide inherent trust for peer-to-peer transfers with cryptographically-shared protected registers across multiple parties to create a tamper-proof record.
This feature makes them extremely useful for financial technologies and has been explored by startups like Chain Inc. and start of the banking sector R3CEV LLC as well as large companies that include JP Morgan Chase & Co. is IBM Corp.
To make the remittance possible, Remiit makes transactions with value-token tokens that can be used by money transfer companies to provide cheaper and faster cross-border payment channels than traditional companies and systems. With this partnership, Remiit hopes to take advantage of Bloom's experience in the markets of Southeast Asia, including South Korea, Hong Kong and Vietnam, to form a bridgehead in those regions.
Bloom will also join the first Remiit test partners, who will pilot the company's blockchain designed to provide faster, error-free remittances on a simplified and easy-to-use platform. "By sharing our long-term vision with Bloom, we will strive to cooperate with each other to become the Eastern Union of Asia by 2020," said An.
Taking Bloom on board, Remiit expects to attract more money transfer service providers from around the world to pilot its blockchain platform.
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