Singapore-based LaLa World is one step closer to achieving its goal to become a global financial institution after signing a strategic partnership with Rebit.ph, a Philippine pioneer in blockchain-powered remittances.
LaLa World is a blockchain and artificial intelligence-focused company catering predominantly to the Asian market.
Through their partnership, Rebit.ph and LaLa World aim to bring financial services to unbanked Filipinos, the parties said in a joint statement.
LaLa World founder and CEO Sankalp Shangari commented:
"With two billion unbanked around the world, LaLa World wants to create a financial ecosystem that would cater to their needs and improve their lives. We are delighted to have a partner in Rebit that shares the same beliefs. With each new partner on board, we are inching closer towards our goal of global financial inclusion and becoming the go-to digital bank for those who do not have access to banking services."
Both companies hope the partnership would eliminate the technological barriers that separate the technically savvy from the rest while providing broader access to financial services in the Philippines.
The latest data from the World Bank shows the Philippines as the world’s third largest recipient of remittances, with an estimated $32.8 billion transferred last year. This represents at least 10.8% of the country’s gross domestic product (GDP), the statement noted.
Miguel Cuneta, co-founder and chief community officer of Rebit.ph parent company SCI Ventures, added:
"Rebit started off as a remittance platform with the aim of providing universal access to vital financial services. Our blockchain infrastructure, coupled with LaLa World's expertise and established financial products and services, could be the key in enabling easy access to financial services for those in the Philippines."
The Philippine central bank has so far accredited several cryptocurrency exchanges to operate in the country, including Rebittance and Betur. However, the institution has made it clear it does not endorse digital currencies as a legal tender although it is coordinating with the Securities and Exchange Commission to draft rules on cryptocurrency trading.
According to the central bank, nearly $8.8 million in cryptocurrencies were traded every month in the Philippines from January to June last year but the figure has likely risen significantly due to the steadily growing popularity of digital currencies.
This article appeared first on Cryptovest
