We are very excited to bring this product to market! Our vision is to address the overly expensive money transfer business and also meet the needs of the world’s underbanked—we are starting this journey leveraging Blockchain technology in the Philippines.
@thetylerhayes Hi Tyler, thanks for you note! The Philippines has one of the bigger unbankded / underbanked populations in the world per capita. 96% don’t have credit cards and 75% don’t have bank accounts. The people are searching for ways to effectively and efficiently transfer money and pay for goods and services which we allow users to do through access to bitcoin. Longer-term, bitcoin can be used as a ‘store of value’ once price volatility is addressed through mechanisms like hedging and can also be leveraged in the future as a basis for loans. Let me know if you have any other questions! :)
@thetylerhayes Hi Tyler, thanks for the note! The underbanked situation in the Philippines is frankly driven partially by both lack of funds as well as exclusionary practices of financial institutions in the country. Banks often require balance minimums that are usually not commensurate in a country where the annual family income averages ~$5,000 (Philippine Statistics Authority). Additional onerous requirements are in place for credit cards which is reflected in the low 3% penetration of cards. That is where new financial technologies can be most impactful—allowing people access to new financial tools through bitcoin and blockchain technologies. That’s why signing up for an account with Palarin is free, and international transfers of funds is a fraction of the cost of that of traditional bank wire services. Let me know if you have any other questions and I’d be happy to answer them!
Part of Boost VC Tribe 4, this Bitcoin company makes it super easy to send money over seas to the Philippines. Recipient can receive the money in either Bitcoin or Peso.
@waterlooalex Hi Alex, thanks for the note! We provide an integrated wallet that allows users to hold bitcoin on our platform so that they can manage their Philippine Peso funds and Bitcoin funds in an easy to use and seamless way on one platform. Rebit currently does not offer an integrated wallet.
We also provide options in terms of how users would like to buy bitcoin on the platform (separate from the remittance use case). Users can deposit Philippine Peso into the platform and buy bitcoin in real-time, or they can choose to initiate a buy order, make a cash deposit, and then receive bitcoin. The former option limits the number of times a user has to go to the bank to buy bitcoin across several transactions. Currently, neither coins.ph nor rebit offer this functionality. Let me know if you have any other questions and I’d be happy to answer them!
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