NextGen Day

Philippines’ MANILA – Direct Agent 5 Inc. (DA5), a provider of financial services, will introduce its own hybrid digital wallet in the first quarter of 2023 after receiving the required approvals from the Bangko Sentral ng Pilipinas (BSP).

After receiving approval from the central bank to serve as a non-bank electronic money issuer (EMI), virtual assets service provider (VASP), and Type A advanced electronic payment and financial services provider, DA5 is launching SurgePay (EPFS).

Based on publicly accessible records, DA5 is now the 20th entity to hold a VASP License, the 43rd Non-Financial Banking Institution (NFBI) to hold an EMI License, and the 9th entity to hold both VASP and non-bank EMI Licenses.

DA5 President and CEO Raymond Babst stated that the business intends to fully utilize its recently acquired licenses to use blockchain technology to reduce cost and increase the security of remittances.

“DA5 can aid our modern-day heroes even more by lowering the cost of remittances to a fraction of what banks and traditional remittance businesses are now charging after serving the OFWs for 16 years. By providing them with financial accessibility and convenience, we aspire to strengthen more Filipino communities, Babst said.

In addition to the recently acquired licenses, it already has an active BSP-issued money changer/foreign exchange dealing license and a remittance agent license that allow it to conduct business as a transfer and remittance company.

When combined, DA5 claims exclusivity as the only money service business (MSB) that provides e-money, foreign exchange, and remittance services.

The most cutting-edge Web 3.0 wallet to enter the Philippine market is SurgePay. It offers a different approach to performing smooth asset and money transactions that makes full use of blockchain technology.

This indicates that users might transfer and receive money as well as claim their remittances from any of DA5’s 1,800 countrywide shops in a matter of seconds.

DA5 is ready to lead the Philippine Financial Ecosystem by fusing blockchain technology with governmental regulation after 16 years as a regulated firm.

By adopting this, it places the Philippines on a level with its Asian neighbors like Singapore, Hong Kong, Indonesia, and Korea as a progressive nation that welcomes blockchain, tokenization, and Web 3.0 development.

One of the top Western Union-certified direct agents in the Philippines is DA5, which was established in 2006. It is a joint venture corporation made up of the national confederation of cooperatives and reputable businesses that are largely involved in food stores, malls, pawnshops, and money exchange.

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Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

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