Coins.ph to announce remittance partner after Go-Jek investment

ABS-CBN News

Posted at Jan 31 2019 08:54 AM | Updated as of Jan 31 2019 09:33 AM

Watch more in iWant or TFC.tv

MANILA -- Digital wallet platform Coins.ph is working on a "large partnership" with a global remittance firm after receiving a "substantial" investment from Indonesia's Go-Jek, as it aims to reach more unbanked Filipinos.

The new partner could be announced as early as this week or next week, said Coins.ph CEO Ron Hose, who is also a member of the Endeavor network of high-impact startup mentors.

"Our motivation is to continue to grow as fast as we can," Hose told ANC's Early Edition.

Aside from a larger balance sheet, Coins.ph is also counting on Go-Jek for knowledge transfer. The Indonesian firm's digital payments arm accounts for 30 percent of all digital transactions in its home country, Hose said.

The Go-Jek venture will allow Coins.ph to expand regionally while cutting cross-border transaction costs, he said.