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.
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