Spanish financial application Elsa Care Technologies (Elsa.care) is setting up a remittance corridor to the Philippines with international remittances tempo France.
This partnership allows Elsa.care users to send money from Europe to the Philippines via the company’s app.
As a strategic partner of Tempo based in Cyprus Arnotech serves as an integrator for its partnership with Elsa.care. Its blockchain-integrated payment processing solution, Stellar, supports the transfer corridor.
Using Stellar in this case ensures the speed, transparency and reliability of the service. This also facilitates transfers at a lower cost.
Daniel Gazaryan, CBO, Arnotech
Arnotech CBO, Daniel Gazaryan He says Stellar’s technical benefits could be realized in other projects in the Philippines.
“We’re thinking… about introducing state-of-the-art B2B payment solutions in this country and across the region,” he explains.
A clear advantage
CEO Tempo France, Alla Zhedikdescribes the Philippines as “a special segment of the remittance market in Southeast Asia and the Pacific”.
“People should be able to send money to their loved ones and be able to fully rely on transparency, reliability, high security and payment convenience,” he explains.
Licensed by Banque de France, Zhedik ensures that the company “fully meets these requirements”. He confirms that Tempo France remains very active in the remittance corridor in the Philippines.
Remittance volume in the country currently exceeds $30 billion, which the company expects to grow at 7 to 10 percent annually.
Zhedik attributes this high growth to the increasing number of migrants from the country to the EU. He also notes that as the volume of the corridor to the Philippines grows, so does competition.
Tempo France hopes that the active implementation of Stellar technology within the partnership will show customers the benefits of high-tech solutions.
Zhedik indicates that the system actively uses more than 100 modern payment methods in 100 countries around the world.