IBM’s blockchain remittance pilot is forming the basis of a new service between the Philippines and Japan for the country’s overseas workers.
Quoted by local news media outlet Business World, First Senior Vice-President Manny T. Narciso said the scheme, which will form part of IBM’s global blockchain pilot, aims to serve Filipinos who work in Japan and send money home.
“We want to serve the [overseas foreign workers] in Japan through this technology and we’re doing it in partnership with two Japanese banks,” he said.
“For the OFWs in Japan, [this service] will make remittance faster and cheaper as we will collect less fees.”
The move continues the increasing interest in blockchain and cryptocurrency from Filipino banks which has surfaced this year.
In addition to IBM, RCBC will use Japan’s Resona Bank and another partner for blockchain infrastructure. Narciso did not mention the second bank involved.
In April, the Philippines’ government opted to allow cryptocurrency companies into a special economic zone on the proviso they present investment potential.