Tempo France and Spanish firm Elsa Care Technologies have joined the fray to get a share of the one of the world’s largest remittances markets, launching their services for Philippine-bound transfers and leveraging high-tech solutions.
“The Philippines is a special segment of the remittances market in Southeast Asia and the Pacific,” Tempo France chief executive Alla Zhedik said in a statement.
“Its volumes exceed $30 billion today [and] according to our calculations, this segment will grow at a rate of seven to 10 percent annually,” Zhedik said.
Zhedik attributed the high growth to an increase in the number of migrants from the Philippines to the European Union countries.
“People should be able to send money to their loved ones, fully relying on transparency, reliability, high security and ease of payment,” she said. “In this case, Tempo France, given the license of Banque de France, fully complies with such requirements.”
Zhedik said the joint project with Elsa.care adds another degree of convenience to their money transfer service since funds can be sent through a mobile application to the recipient’s bank account.
She added that the partnership with Elsa.care gives Tempo France the opportunity to use their technological capabilities to open a new sales channel.
Further, Tempo France tapped Cyprus-based fintech firm Armenotech as a strategic partner in technological projects, whose major specialization is providing solutions for payment processing that is integrated into the Stellar blockchain.
Zhedik said the use of these solutions in the project between Tempo and Elsa.care has put remittances to the “highest technical level,” as maximum reliability, speed and transparency are ensured.
She noted that although the volume of remittances to the Philippines will grow, competition would also be increasing. INQ