- Stellar Lumens-based Singapore/Philippines payment corridor can be used in more than PERA HUB’s 3,000 locations.
- The remittance service will be integrated with the PERA HUB platform and will offer multi-currency support.
In December 2020, PERA HUB joined the Stellar Lumens network. Immediately afterwards, the partners strengthened their cooperation. Lately, they have announced a cooperation with cross-border payment processor and also Stellar partner Chynge to create a payment corridor between Singapore and the Philippines for the benefit of users in that country and the growth of the Stellar Lumens ecosystem.
According to the latest quarterly report of the Stellar Development Foundation for 2020, PERA HUB, a subsidiary of Union Bank of the Philippines, is one of the 10 largest banks in the country. Through Stellar’s network, PERA HUB will operate the corridor, with Chynge acting as anchor and sending partner for transactions between Singapore and the Philippines.
Stellar Lumens enables low-cost payment corridor in Asia
This way, users will be able to claim remittances in the more than 3,000 PERA HUB locations throughout the Philippines. This country is recognized for the high volume of remittances it processes annually and its preference for digital payments. Stellar Development Foundation’s Vice President of Business Development, Mark Heynen, said:
Today, Stellar is helping reimagine the world of remittances so they are faster, more affordable, and empower people and businesses with services they need. We’re thrilled to work with PERA HUB to offer an alternative to the traditional system that reduces the friction and costs.
Customers will have access to the remittance service and, as Heynen said, will be able to make low-cost cross-border transactions in conjunction with multi-currency support.
The partners emphasize that their cooperation aims to “empower” users and creating a more “accessible” financial system by leveraging blockchain technology. Union Bank Senior Vice President and Head of the Fintech Business Group Arvie de Vera had this to say about the cooperation:
PERA HUB has been in the remittance industry for more than 20 years and it’s the strategic direction of the group to maximize their retail network and for PERA HUB to build the “digital remittance platform of the future. It’s essential forging strategic partnerships with digital players who share the same drive and passion that we have towards financial inclusion. This partnership is a testament that we can use technology and traditional financial services to ensure that no one gets left behind as we foster innovation.
For more than 20 years, PERA HUB was an exclusive platform for Western Union. Now, its use of blockchain technology through Stellar has allowed the company to move in a new direction. Its main goal is to get more companies to join its remittance platform and expand the reach of its payment corridors. CEO of PERA HUB’s parent company, PETNET, Ian Ocampo said:
(…) This partnership with Stellar allows us to stay true to our group purpose of advancing business and communities and allows us to uplift the lives of our kababayans at these challenging times.