Manila, Philippines – Pearl Pay, a Financial Technology Company that helps Small Banks, Financial Institutions and MSMEs (Micro, Small and Medium Enterprises) by offering secured mainstream and innovative banking services, has teamed up with IPay DNA Canada to offer better remittance and blockchain-based solutions to Filipinos across the globe.

According to the latest data from the Bangko Sentral ng Pilipinas (BSP), remittances from overseas Filipino workers (OFWs) reached by as much as $2.35 billion in April 2018, which is 12.7% higher compared to the same month in 2017. The report also indicated the top three countries contributing to the remittances: the United States, Canada and Singapore.

In the last few years, the Philippines has continued to receive billions of remittances from Filipinos across the globe. Despite the scale of the industry, Filipinos continue to be plagued by problems of high cost and inconvenience. Usually, there is an 11% transaction cost imposed on processing remittances in the Philippines, which is higher than the 7.3% global average rate. The transaction costs take away a portion of the money that should have been sent to family members or loved ones back home. Also, claiming the money takes time as Filipinos often need to travel to financial access points, not to mention the processing time of traditional remittance centers.


Pearl Pay aims to address this problem. The company hopes to turn around the E-Money and cash transactions ratio, in the process save time and money on sending domestic and OFW money remittances. As part this initiative to help Filipinos and their overseas working counterparts, Pearl Pay has entered into a partnership with IPay DNA Canada. Pearl Pay, through its own coalition network, will provide last mile facilities (i.e. to send funds to OFW money remittance beneficiaries) to IPay DNA Canada. Additionally, Pearl Pay will provide blockchain solutions to IPay DNA Canada Ltd. for those in Canada wanting to convert crypto to cash fiat and vice versa.

Pearl Pay's vision is to provide an alternative payment solution to Filipinos across the globe. By leading the financial inclusion initiative for Filipinos, Pearl Pay aims to be at the frontline of addressing similar problems across the globe.

About Pearl Pay

Pearl Pay is a FinTech company providing world-class but affordable banking applications designed to interconnect Filipinos and payment industries in the Philippines. Its Virtual Money Logistics System (VMLS) provides a comprehensive “Mobile Payment and Money Transfer Platform as a Service” relevant and aptly designed for the needs of people for actual use and financial inclusion. The company continues to develop technologies and products based on blockchain to provide a holistic ecosystem that people across the globe can use to facilitate their financial needs.

http://www.bsp.gov.ph/publications/media.asp?id=4710

www.pearlpay.io

About IPay DNA Canada

IPAYDNA CANADA is licensed and registered with "FINTRAC" or the Financial Transactions and Reports Analysis Centre of Canada, Canada's independent financial intelligence unit. Our systems, procedures, and reporting all meet FINTRAC’s compliance requirements, the highest standard in global regulation. The company has offices in Canada, the U.S.A, Hong Kong, Malaysia, and the Philippines.