Philippine Startup Coins.ph Partners With Western Union

The Philippines is in the spotlight of this week's crypto news: the Philippine e-wallet developer and provider Coins.ph has partnered with the largest American company in the field of financial services, Western Union, as was announced in a press release.

Due to a new partnership, Filipinos will be able to make cross-border remittances more efficiently. As part of the cooperation, Western Union integrates the Coins.ph blockchain platform into its cross-border platform, allowing users in the Philippines to receive and hold international money transfers directly into Coins.ph wallets.

New clients must register at Coins.ph, provide a valid ID, and proceed with the “know your customer” (KYC) rule. At this stage, Coins.ph will limit the capacity of the wallet to 100,000 Philippine pesos per month (about $1,907).

The press release also notes that more than five mln Filipinos already use the Coins.ph wallet, while Western Union has more than 12,000 representative offices in the country.

Image courtesy of Coins.ph