As part of its efforts to enable fast, secure, and low-cost money transfers from Canada and Vietnam to the Philippines, Pouch.ph partners with Canadian-based digital payment platform NeutronPay to help OFWs from Vietnam and Canada to send money directly to a Philippine-based bank or e-wallet with better exchange rates.

To make this possible, Canadian Dollars and Vietnamese Dong are converted into Bitcoin through Bitcoin’s Lightning Network. From there, the Bitcoin is converted once again to Philippine Peso and is then transferred to the recipient’s bank or e-wallet account.

“I am thrilled to partner with Pouch.ph to offer a fast and cost-effective solution for Filipino expats in Canada and Vietnam who want to send money to their loved ones in the Philippines. Our integration with Bitcoin’s Lightning Network is a major step forward in improving the lives of our customers, and we look forward to exploring new ways to innovate cross-border payments,”  Neutronpay founder and CEO Albert Buu said.

According to data from BSP, remittances have hit a record high of $36.14 billion in 2022, surpassing the previous all-time high of $34.88 billion in 2021. From that data, Canada accounted for 3.6% of total remittances to the Philippines, while OFWs in Vietnam sent approximately $14 million in cash remittances to the Philippines in 2021–according to data from Statista.

“For the longest time, overseas Filipinos had limited options when it came to sending money back home, relying mainly on traditional banks and money transfer agents that could be both inconvenient and costly. Working with NeutronPay is consistent with our endeavor to empower OFWs to easily send money to their families and loved ones,” Pouch.ph CEO Ethan Rose said.

The NeutronPay app is currently available exclusively on the Canadian and Vietnamese app stores, while Pouch.ph can be downloaded on Google Play and Apple Store.