MANILA - Boxing superstar and Senator Manny Pacquiao is setting up a new financial technology venture which he said will help overseas Filipino workers with their financial transactions.
Pacquiao said his technology startup Pac Technologies will launch "PacPay" in early 2021, which will offer more convenient and safer cross-border financial transactions for global influencers, brands and fans.
"This will make cross-border transactions easier for our countrymen especially the OFWs," said Pacquiao during the World Fintech Festival arranged by GeiserMaclang Marketing Communications, Inc. in partnership with the Singapore FinTech Festival.
"With PacPay, we can help local businesses connect to global influencers and millions of fans around the world," explained the boxing superstar.
"We will also offer a unique rewards program where users will receive explosive perks, autographed merchandise and even tickets."
The boxer's venture was made possible by Pac Technologies' partnership with Remsea, a fintech remittance firm licensed by the Monetary Authority of Singapore.
Last year, Pacquiao also launched his own cryptocurrency called Pac tokens, which he said will allow fans to buy his merchandise and interact with him via social media.
The Pac token has been dubbed as the first celebrity cryptocurrency.
Pacquiao added that there is a philanthropic side in his new venture.
He said part of the proceeds they will get from PacPay will be used to finance charity projects in the Philippines.
"The PacPay ecosystem is designed to support Filipinos who are in need. As users transact via PacPay part of our proceeds support charity projects in the Philippines," he said.
It has been the boxer-senator's practice to donate part of his earnings to the needy especially during difficult times.
Just recently, he struck a deal with Globe Telecom for the exclusive streaming rights of his future fights. The talent fee that will be generated by the, he said, will be used to the victims devastated by the recent typhoons that hit the country.