MANILA – Global Overseas Workers (GOW) on Thursday said it would launch its virtual currency exchange platform in the Philippines to help reduce remittance costs through blockchain technology.
The “real demand” comes from overseas Filipino workers who are burdened with remittance fees to send money back home, GOW Exchange CEO Tim Ying said.
"We started our journey back in 2016 with a very, very simple goal which is to reduce the cost of remittance for overseas workers. We here aim to be able to utilize blockchain technology to be able to help provide financial services for those unserved," Ying said.
The Philippine is attractive to GOW because of its "liberal regulatory environment" for financial technology firms, he said. The company is working with the the Bangko Sentral ng Pilipinas and other regulatory bodies, he said.