Traxion Pay, Coins.ph collaborate for improved remittance services for OFWs

Financial technology (fintech) firms Traxion Pay and Coins.ph have partnered up to "simplify" remittance transactions for Filipinos abroad.

The two firms recently announced their blockchain-enabled remittance (BER) solution that will allow for cryptocurrency conversion into Philippine Pesos (PHP) to benefit Overseas Filipino Workers (OFWs).

“It provides a cost-effective, efficient, and transparent system that benefits both OFWs and underserved families as recipients supported by microfinance institutions (MFIs), rural banks, cooperatives, and local government units (LGUs),” a statement from the two fintechs reads.

They added that the system will have reduced transaction fees, near real-time remittances, and additional hubs for underserved communities.

“Our partnership with Coins.ph is a game-changer for OFWs and the communities we serve through cooperatives, rural banks, and microfinance,” said Traxion Pay CEO Ann Cuisia.

“Coins.ph is committed to making cryptocurrency adoption more accessible for Filipinos. Our collaboration with Traxion extends crypto-to-peso services to a wider audience, fostering growth of the Philippine digital asset ecosystem,” added Jen Bilango, Country Manager at Coins.ph. 

—Jiselle Anne Casucian/ VAL, GMA Integrated News