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Global payments provider Veem and Philippine digital wallet Coins.ph have announced an expansion of their partnership aimed at streamlining cross-border payments from North America to the Philippines.
Key Details
Under the agreement, Coins.ph will serve as a local payout provider for Veem, facilitating corporate disbursements, contractor payments, and supplier settlements.
The collaboration incorporates additional settlement capabilities, including the use of stablecoins, to improve transaction efficiency.
Enhanced Payout Infrastructure
The partnership integrates Veem’s collection infrastructure in the United States and Canada with Coins.ph’s regulated local payout network.
- According to the announcement, Veem will maintain USD liquidity to facilitate the process.
- As a Bangko Sentral ng Pilipinas (BSP)-licensed entity, Coins.ph will manage local compliance checks, convert USD funds to Philippine Pesos (PHP), and disburse them through domestic channels.
The companies stated they are also utilizing new digital settlement methods, such as USD Coin (USDC), as part of their ongoing product innovation.
Focus on the Gig Economy
The initiative addresses the specific needs of Filipino remote workers, freelancers, and business process outsourcing (BPO) firms.
- The companies aim to mitigate common friction points in international transfers, including high wire fees, unfavorable foreign exchange rates, and lengthy processing times.
- Through this expanded model, North American businesses can utilize Veem for mass payouts and reconciliation.
- Recipients in the Philippines can access funds through the Coins.ph network, which supports transfers to over 100 banks and e-wallets nationwide.
Marwan Forzley, CEO and Co-Founder of Veem, emphasized the efficiency of the combined infrastructure.
“By leveraging the pre-funded model and Coins.ph’s local expertise, we can deliver a faster, cheaper, and far more scalable solution for paying the Philippines than traditional banks or remittance rails can offer.”
Wei Zhou, CEO of Coins.ph, noted the partnership’s impact on local professionals:
“By combining Veem’s robust global payment network with Coins.ph’s regulated, localized expertise, we are not just speeding up transfers, we are empowering Filipino freelancers and small businesses by ensuring they get paid reliably, instantly, and with maximum value.”
This article is published on BitPinas: Veem and Coins.ph Partner to Power Faster Cross-Border Payments for Filipino Freelancers
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