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The PH remittance market is used by European businesses

To tap into the Philippine remittance industry, Cebuana Lhuillier has teamed with Cyprus-based software company Armenotech and money transfer company Tempo France.

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Armenotech and Tempo France stated in a statement sent to the media on Friday that their collaboration with Cebuana will make it easier and less expensive for Filipinos living abroad to send money home.

Money transfers from Europe to the Philippines can be made more quickly by using Tempo France’s physical sites or its mobile application, which is available in more than 10,000 Cebuana stores nationwide.

It’s the beginning of a really significant endeavor. We provide individuals with even another level of convenience, which is crucial for Filipino citizens who live and work abroad and need to be able to transfer money home, according to Tempo France CEO Alla Zhedik.

With an annual growth rate of 10%, the Philippines, according to Zhedik, is a promising market for remittance companies.

Remittances from the Philippines reached a new high of USD36.1 billion in 2022.

“We anticipate the growth of a reliable and sizable payout network in the Philippines specifically and the Asia-Pacific region as a whole. We are prepared to give excellent prospects for cooperation to local businesses because of the expanding market and its steadily rising potential. According to Zhedik, an increase in sales channels has a significant impact on operational and financial statistics.

The initiative makes use of Armenotech’s Stellar blockchain solutions, which give Cebuana the IT foundation.

“The technology offers the maximum speed, dependability, and affordability. And that is precisely what the customers demand from the service,” stated Daniel Gazaryan, a chief business officer at Armenotech.

Remittances from Europe reached USD3.7 billion in 2022, according to data from the Bangko Sentral ng Philippines.

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