Leading microfinance services provider Cebuana Lhuillier continues its foray into innovation and fintech as it announces its recent integration into the Stellar blockchain network. This partnership reinforces its venture into block-chain based payment services.
The partnership with the Stellar network allows customers to receive cross-border remittance payments almost instantly and more conveniently at more than 3,000 Cebuana Lhuillier branches across the Philippines. This new setup is a blockchain-powered alternative to traditional remittance flows, which typically come with long waits for users, and heavy capital requirements that limit scale and liquidity for Money Transfer Operators . The alternative significantly alleviates the challenges faced by MTOs by allowing them to settle payments immediately instead of after days via traditional fiat rails.
This is encouraging news for the millions of Filipinos working overseas who rely on remittance companies like Cebuana Lhuillier to send support to their families in the Philippines. Currently, the Philippines remains one of the top five recipient countries for money remittances, with millions of Overseas Filipino Workers spread out across the globe, forming a key part of a $31 billion-dollar industry.
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