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Local crypto platform Coins.ph and Vietnam-based Best Way Corporation (FinFan) recently signed a memorandum of understanding to expand and streamline cross-border remittance and payment flows between the Philippines and Vietnam.
Coins.ph x FinFan
Under the partnership, Coins.ph will use its licensed infrastructure to convert funds into USD before sending them as a standard international fiat remittance to FinFan for local USD disbursement. According to the media release, the agreement was formalized on the sidelines of the Singapore FinTech Festival.
The firms noted that the arrangement is intended to provide faster, more transparent, and more cost-efficient remittance services for Filipino and Vietnamese users.
Executives from both companies said the partnership aligns with their goal of improving cross-border transactions through new technology. They noted that technology-driven remittances are increasingly significant, now accounting for an estimated 23 percent of global remittance flows.
“Our partnership with FinFan reflects our shared vision of making cross-border money transfers simpler and more inclusive through new technology.”
Wei Zhou, CEO, Coins.ph
The companies said the collaboration will support secure and compliant remittance services capable of operating at near-instant speeds at any time of day.
“Together, we’re bridging traditional finance and modern financial solutions to support international partners, and remittance recipients across Vietnam and the Philippines.”
Nguyen Tuyen, CEO, FinFan
The release noted that industry projections suggest Asia could reach $250 billion in new-technology remittance volume by 2028.
FinFan is authorized by the State Bank of Vietnam to operate international remittance services and supply payout infrastructure for global money transfer operators, banks, and digital platforms.
Coins.ph on Remittances
In a recent talk, Zhou emphasized how stablecoins are increasingly being adopted worldwide for cross-border payments. According to him, the adoption of stablecoins could cut the delays and high fees for remittance transfers.
Also this month, Coins.ph joined the Arc public testnet, an open, USDC-issuer Circle’s newly launched enterprise-grade Layer-1 blockchain network for stablecoin settlement and tokenized markets. The firm noted that this will allow PHPC to increase its minting capacity and expand its use for cross-border remittances and high-volume transactions.
In October, the firm also announced its partnership with global remittance service provider BCRemit to launch a stablecoin-powered remittance service. The initiative aims to make money transfers faster and more affordable for Filipinos overseas.
Last April, Coins.ph also partnered with Circle for the Circle Payments Network, which aims to speed up and lower costs for overseas money transfers using $ USDC.
Last year, Fasset and Coins.ph launched ‘Pinoy Send’ for fast remittances. The partnership, according to the firm, offers overseas Filipino workers in the United Arab Emirates (UAE) a quick, reliable, and cost-effective method to support their families and remit money.
In 2021, Coins.ph and SBI Remit activated Ripple’s On-Demand Liquidity service for Japan-to-Philippines transfers, using XRP to remove pre-funding and reduce operational costs. In 2022, the firm expanded this with OK Remit to offer faster, lower-cost remittances through RippleNet’s ODL service.
This article is published on BitPinas: Coins.ph, FinFan Ink Deal to Boost Philippines–Vietnam Remittances
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