Philippine And Japanese Banks To Launch Blockchain Remittance Service In Japan

The Philippines’ RIZAL COMMERCIAL Banking Corp (RCBC) reported plans to release blockchain settlements to Japan June 20 in a partnership with two Japanese banks.

Quoted by nearby news media outlet Business World, First Senior Vice-President Manny T. Narciso said the plan, which will form some portion of IBM’s worldwide blockchain pilot, means to serve Filipinos who work in Japan and send money back 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 fewer fees.”

The move proceeds with the expanding enthusiasm for blockchain and cryptocurrency from Filipino banks which has surfaced for this present year.

A month ago, UnionBank showed up at a meeting with a Bitcoin mining mock-up, having prior worked with Visa on a remittance channel to Singapore.

Notwithstanding IBM, RCBC will utilize Japan’s Resona Bank and another accomplice for blockchain structure. Narciso did not say the second bank included.

In April, the Philippines’ government picked to permit digital currency organizations into a special economic zone on the stipulation they present investment potential.