By Gloria Mathias

Tempo France, a global payment system operator, will supply the local Philippine market with a complete business solution for remittances from the EU to the Philippines.

The France-based firm signed a contract with Cebuana Lhuillier to provide the Philippine company with a complete white-label package. It allows Cebuana to transfer money from the EU to the Philippines under its brand name.

The package covers a whole spectrum of aspects, including a fully Cebuana-branded mobile application, legal coverage of transfers within the European Union, financial settlements, and an IT solution. All KYC, security and ALM aspects are included.

Tempo’s strategic partner, Cypriot technology company, Armenotech, designed and developed the IT solution. The core IT feature is the Stellar blockchain.

The project’s launch will enable senders to send money from Europe using the mobile application and receivers to pick up pesos at Cebuana locations across the Philippines. Based on blockchain, the Armenotech solution features an important set of parameters, including the highest possible transaction speed, safety and endowing money transfers at a minimum cost.

“It is a unique project that has teamed up two European FinTech companies so that each may contribute to providing an Asian country’s market with a complete and highly sought-after product, unprecedented in Philippine FinTech and finance,” said Alla Zhedik, the CEO of Tempo France.

“The Asian region has seen tremendous growth rates in its FinTech domain. We are pioneering this exclusive and innovative white-label project that brings together traditional and digital finance to serve people’s needs in the remittances field. We look forward to participating in future interesting joint ventures in the Asian region,” said CBO for Armenotech, Daniel Gazaryan.

Tempo France and Armenotech believe that the white-label project will give the green light to new prospects in the local payment market.

“We believe that the Philippine payment sector will skyrocket in 2024. There are many reasons for this upward trajectory, including growth in general demand for IT products and recently adopted EU regulations for digital assets that will have a global effect. It is a matter of competition in the market. We trust that our partners will appreciate the quality of the product,” added Zhedik.