Rebit Announces New Partnership to Boost Canada-to-Philippines Remittance

Bitcoin transactions between Canada and Philippines are on the rise due to increasing demand for alternative remittance services. Overseas workers who are financially supporting relatives and friends are contributing to the growth of the fast-moving sector.

Helping facilitate the $2 billion Canada-to-Philippines remittance market is Satoshi Citadel Industries (SCI), a fintech startup that is heavily invested in Philippines’ bitcoin ecosystem. To help connect with its users, the group announced a strategic partnership with ZipZap, a California-based global transaction network and mobile money transfer app.

“We’re excited and proud to be working with the ZipZap team. We believe this partnership is a perfect example of how Blockchain Technology can be used beneficially without any risks to the end user, who in this case are our fellow Filipinos in Canada,” said SCI CEO John Bailon.

“ZipZap provides a great service that we believe will greatly benefit our service and vice-versa.

Through SCI’s remittance arm, Rebit, Filipinos based in Canada can participate in timely digital money transfers. The company’s system relies on blockchain technology to power its services.

Individuals who want to take part in the service will need to link their bank account with the platform. Without ever having to know how to deal with bitcoin, individuals can remit money using the virtual currency.

“In a matter of minutes, we process the transaction at Rebit and cash in PHP is made available for the recipient through whatever payout method the remitter nominated,” highlighted Bailon.

“For both remitter and receiver, the bitcoin part is invisible, they don’t have to know how the funds were sent accross the network, what they know is that it’s a more convenient and cheaper way to send money back home.”

Earlier this year, Rebit implemented Know-Your-Customer (KYC) policies for transactions above PHP50,000.