Higlobe, a payment solution provider for global businesses and remote professionals, has joined forces Triple-A, the digital currency payment institution, to better support remote workers in the Philippines by providing instant, free payment transfers from the United States.
Driven by the demand for new payment rails that cater to the evolving global workforce and their shared goal of simplifying cross-border payments, the new partnership between Higlobe and Triple-A partnership will leverage the potential of stablecoins to offer freelancers and businesses a better alternative to traditional SWIFT-based cross-border payment services.
In 2020, in the Philippines alone, as many as 1.5 million professionals were engaged in freelancing platforms, doing work such as content creation and customer service for local and foreign clients.
Yet, despite the global job market’s expansion, professionals abroad who wish to accept USD payments from US-based clients still face numerous hurdles posed by traditional payment methods. Often riddled with complicated processes, steep fees or unfavourable exchange rates, existing cross-border payment solutions ultimately result in remote workers receiving less money or missing out entirely on job opportunities that are attractive otherwise.
Eric Barbier, founder and CEO of Triple-A, explained: “We understand the complexities freelancers face in receiving payments, especially across borders.
“Through this partnership, we aim to provide freelancers in the Philippines with an inexpensive and hassle-free experience when receiving USD payments from the US. Our robust, compliance-focused platform ensures secure and convenient transactions, further empowering the freelance and remote workforce.”
Higlobe hopes to ‘change the game’ by offering remote workers the flexibility to receive USD funds from their US-based employers through a dedicated US-receiving account. From there, users can transfer funds directly to their local bank account fee-free, paying only a guaranteed low exchange rate. Alternatively, users can opt to transfer their dollars to a virtual prepaid card, enabling them to spend funds locally or in the US.
Accelerating cross-border payments for freelancers
Co-founded in 2020 by former Google and Spotify executive Teymour H. Farman-Farmaian and software engineer Jeff Bolton, Higlobe looks to enable its users to get paid by their US clients, near-instantly and at no cost. Users save up to six per cent in transaction fees when compared to most incumbent services.
Farman-Farmaian, co-founder and CEO of Higlobe, also added: “Our partnership with Triple-A signifies a leap forward in delivering instant, free global transfers from the US and accelerating cross-border payments for freelancers.
“Our mission is to move the world’s money instantly and at no cost, especially in this era when remote work has gained significant traction. This collaboration aligns with our commitment to revolutionising international payments, benefiting both freelancers and the businesses they work with. It also marks another step forward in our international expansion.”