The Spanish financial app Elsa Care Technologies (Elsa.care) establishes a remittance corridor to the Philippines with the international remittances company Tempo France.
The partnership is enabling Elsa.care’s users to send money from Europe to the Philippines through the company’s app.
As Tempo’s strategic partner, Cyprus-based Armenotech serves as an integrator for its partnership with Elsa.care. Its Stellar blockchain-integrated payment processing solution supports the remittance corridor.
The use of Stellar in this instance ensures the speed, transparency and reliability of the service. It also facilitates transfers at a lower cost.
Armenotech CBO, Daniel Gazaryan says that the technical advantages of Stellar can be realised in other projects in the Philippines.
“We’re considering…introducing the most modern B2B payment solutions in this country, and the region in general,” he explains.
A certain advantage
Tempo France CEO, Alla Zhedik, describes the Philippines as “a special segment of the remittances market in Southeast Asia and the Pacific.”
“People should be able to send money to their loved ones, fully relying on transparency, reliability, high security and ease of payment,” she explains.
Licenced by Banque de France, Zhedik ensures the company “fully complies with such requirements.” She confirms that Tempo France remains very active in the remittance corridor of the Philippines.
The country’s remittance volumes are currently exceeding $30billion, with the company expecting this to grow at a rate of seven to 10 per cent annually.
Zhedik attributes this high growth to an increase in the number of migrants from the country in the EU. She also notes that although the volume of the corridor to the Philippines is growing, competition is also increasing.
Tempo France hopes that the partnership’s active implementation of Stellar technology is demonstrating the benefits of high-tech solutions to customers.
Zhedik reports that the system has actively been using more than 100 modern payment methods in 100 countries of the world.
