Advancing global remittance: Cebuana Lhuillier & PayPal unite to drive faster, more affordable cross-border payment
Cebuana Lhuillier, the Philippines’ provider of micro-financial services, marked a historic milestone at CrossTech World 2024 in Florida, U.S., as one of two companies selected to share the stage with global fintech PayPal. During the event, it was announced that Cebuana Lhuillier will be one of the first disbursement partners to leverage PayPal USD (PYUSD) to settle cross-border money transfers made via PayPal’s Xoom service. This strategic partnership introduces a new era of enhanced efficiency, lower costs, and faster transaction times, powered by blockchain technology.
(from left to right): PayPal’s Vice President – Global Market Development – Blockchain, Cryptocurrency, and Digital Currencies, Paul Bances, Cebuana Lhuillier’s First Vice-President and Money Transfer Group Head Erl Sumanga, Yellow Card’s CMO John Colson and Cebuana Lhuillier Senior Executive Vice-President Philippe Andre Lhuillier
Cebuana Lhuillier Senior Executive Vice-President Philippe Andre Lhuillier, who joined PayPal’s Vice President- Global Market Development – Blockchain, Cryptocurrency, and Digital Currencies, Paul Bances on stage at CrossTech World, was beaming with pride. “It was such a proud moment for the Philippines and a big boost to Cebuana Lhuillier to be chosen as one of the first two Xoom disbursement partners globally to use PYUSD for settlement. This will go a long a way in supporting our push for financial inclusion.”
Cebuana Lhuillier President and CEO Jean Henri Lhuillier could not agree more. “I am so proud of what Andre and his Money Transfer Group has achieved. Our work with PayPal reinforces that global financial giants consider us a key player in the financial realm and their gateway to the Filipinos. More importantly, millions of Filipinos all over the world stand to benefit from this collaboration.”
A New Era of Money Transfer with Integration of Cebuana Lhuillier’s Robust Network and PYUSD’s Blockchain Technology
Cebuana Lhuillier’s partnership with PayPal aims to enhance financial inclusion for Filipinos globally by leveraging PYUSD, a stablecoin powered by blockchain technology. With over 3,500 branches and 25,000 partner agents across the Philippines, Cebuana Lhuillier is positioned to enable seamless, cost-effective cross-border money transfers. The use of PYUSD allows for near instantaneous transactions, combining the speed and efficiency of blockchain with Cebuana Lhuillier’s extensive reach.
As a disbursement partner of Xoom, Cebuana Lhuillier facilitates fast and low-cost money transfers, improving access to financial services for underserved Filipinos. This eliminates intermediaries, lowers transaction costs, and speeds up settlements, all while paving the way for a new era of accessible and efficient financial services for unbanked and underserved communities.
Cebuana Lhuillier’s utilization of PYUSD is made possible through the partnership of Cebuana Lhuillier with PDAX, a licensed virtual asset service provider in the Philippines that facilitates the conversion of PYUSD into Philippine pesos.
ADVT.
This article is brought to you by Cebuana Lhuillier.
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