According to the recent news, the Philippines’ tenth largest bank by assets UnionBank has developed a new remittance network to help unbanked people of the country get access to banking services. This remittance network will make it easy for citizens to receive payments from abroad.
Coins.ph join the new remittance network
The UnionBank of the Philippines has tapped the Ripple’s affiliated company and crypto exchange Coins.ph for the extension of their existing partnership agreement. Coins.ph is a regulated blockchain remittance platform based in the Philippines that offers payment services. Coins.ph ensure that Filipinos receive or send their money in a quick way. The crypto exchange will provide payments and remittance services for the new remittance network of the UnionBank.
UnionBank has launched around 11,000 cash-out remittance counters all across the archipelago in various remote and rural areas. Through these counters, citizens of the Philippines can get access to several banking services which range from complete remittance hubs and the smartphone app.
The CEO and president of UnionBank Edwin Bautista stated:
With the onset of this pandemic, it has become crucial that our products and services quickly adapt to the challenges presented in this new digital normal. This cash-out service is just one way for UnionBank to demonstrate its commitment to financial inclusion as we continue venturing forth in tech-ing up the Philippines.
UnionBank and Ripple’s Coins.ph both have got the regulatory license from the central bank of the Philippines known as the Bangko Sentral ng Pilipinas (BSP). Therefore, they won’t have to face any regulatory issues while operating the newly-introduced remittance network.
Apart from this, the counter remittance network of UnionBank will also get services from Dragonpay and some other native remittance companies such as PeraHub, Palawan Express, LBC, and Cebuana Lhuillier.