Filipino Crypto Startup Coins.ph Teams With Remittance Giant Western Union

News | April 4, 2019 By:

Crypto startup Coins.ph has teamed with money transfer giant Western Union to allow its users to receive international and domestic money transfers directly into their Coins.ph wallets in the Philippines.

Founded in 2014, Coins.ph is a digital wallet provider that allows Filipinos to make payments or buy cryprocurrencies such as bitcoin, Bitcoin Cash, and ethereum. The company claims that its customer base has grown to more than 5 million in less than five years. Earlier this year, the startup was acquired by Jakarta-based on-demand multi-service platform Go-Jek.

Under the partnership, the blockchain-enabled platform of Coins.ph will be integrated with Western Union’s cross-border platform to allow Filipinos to receive and hold international money transfers initiated from Western Union’s digital network in more than 60 countries and retail network in more 200 countries and territories.

The partnership is aimed at Overseas Filipino Workers (OFW) who send money back home regularly. According to the Commission on Filipinos Overseas (CFO), approximately 10.2 million people of Filipino descent lived or worked abroad. This number constitutes about 11 percent of the total population of the Philippines.

Ron Hose, Coins.ph co-founder and CEO, said that by pairing Coins.ph’s payments technology with Western Union’s expansive global network, they are giving Filipinos a seamless choice to receive money digitally, on the go.

“With this collaboration, we are proud to serve their families back home with even easier access to our suite of services and maximize positive impact on communities in the country,” said Hose.

Western Union has been providing money transfer services in the Philippines since 1990 and has more than 12,000 Agent locations3 in the country. The firm said that the partnership signals the continued efforts of both companies to offer millions of Filipinos quick and convenient access to remittances, in urban and remote underserved areas.

“Over the years, Western Union has fueled innovation centered around the needs of customers, giving them their choice of channels, currencies, access and opportunities to connect with family and friends around the globe,” said Molly Shea, Senior Vice President & General Manager, Global Money Transfer, Asia Pacific, Western Union. “With this collaboration with Coins.ph, we are delighted to offer customers in the Philippines with an unmatched depth of services and capabilities, and convenience right at their fingertips.”