Armenotech, Tempo France and Cebuana Launch Stellar Blockchain Transfers to the Philippines
Tempo France, Cyprus-based Armenotech and Cebuana Lhuillier came together to implement cutting-edge Stellar blockchain solutions in the growing money transfer market in the Philippines.
Armenotech said in a press release that the EU-based partners have previously signed agreements with the leading Philippine finance company, Cebuana Lhuillier. The successful completion of the project now allows people to send money from Europe and pick up pesos at over 10,000 Cebuana locations nationwide. Senders can pay at Tempo’s locations or alternatively pay by card using Tempo’s mobile application.
Tempo and Cebuana are operational activity and financial settlement parties in the project. Armenotech plays a key role, providing integration of Cebuana’s IT infrastructure into the Stellar platform.
The Stellar blockchain is an important element of the project, said CBO of Armenotech, Daniel Gazaryan. “The technology provides the highest possible speed, reliability and low costs. And that is exactly what customers expect from the service, he said. Gazaryan further said that Armenotech and Tempo also plan to introduce b2b payment services based on the Stellar blockchain.
– It is the start of a very important project. We are giving people another level of convenience, which is very important for Filipino citizens living and working abroad, to be able to send money to their families.” CEO of Tempo, Alla Zhedik said. “It’s a great example of how state-of-the-art technologies play an extremely important humanitarian role.”
She went on to say that the Philippines is a very lucrative payments sector. The potential exceeds 30 billion dollars and the growth rate is up to 10 percent a year.
– Having said this, we must point out that the competition is on the rise. This means that remittance companies adopt the latest technology and marketing instruments. The introduction of the Stellar blockchain is a huge advantage in this competitive environment.”
“We are looking at the development of a stable and comprehensive payment network in the Philippines in particular and the Asia-Pacific region in general. The growing market and its ever-increasing potential is the reason why we are ready to offer local businesses great opportunities in cooperation. Increasing the number of sales channels gives operational and financial indicators great speed,” Zhedik from Tempo stated.
Gazaryan of Armentech said the partnership between Fintech company Armenotech and Tempo is a unique synergy. “It is an example of how a payment solutions company and a recognized payment and remittance operator in the EU [licensed by the Bank of France] can successfully work in the highly competitive remittance sector.”
He declined to reveal the details, but said that the successful completion of yet another phase of the project, b2b payments, is a very promising path in further development in the Philippines. “At the moment, we aim to do our best to show customers the great benefits that blockchain technology has.”
Gazaryan expects the client portfolio to grow drastically within a few months of the project’s completion. Both companies have recently actively expanded their activities both in the EU and internationally.
